Image via . Vale's nickel mine on the island of New Caledonia in the South pacific.
Vale SA ( VALE ), a mining company based in Rio de Janeiro, Brazil and the largest producer of iron ore, pellets, and second largest of nickel, has announced that its Executive Board has approved a payment proposal for the second installment of its 2015 dividends. The monetary amount is $500 million, which is equal to $0.097023796 per common or preferred share as of August 31.
The proposed $500 million amount is actually half of the original publicly announced dividend on January 30, 2015. Vale said that reduced amount "reflects the more uncertain scenario for mineral commodities prices and the focus on managing the balance sheet."
The dividend payment proposal will now be submitted to Vale's Board of Directors for approval during a scheduled meeting for October 15. If approved, the mining company will distribute $500 million on October 30, and would have distributed a total of $1.5 billion to its shareholders this year.