STXNEWS LATAM-Vale proposes $2.25 bln dividend payment

Wed Oct 2, 2013 6:41pm EDT

Executives at Brazilian miner Vale S.A. have proposed a second installment of dividend payments to be paid to preferred and ordinary shareholders in 2013, according to a security filing on Wednesday.

The proposed $2.25 billion payment, equivalent to 44 cents per share based on stock in circulation on Aug. 31, will be paid on Oct. 31 if approved by the company's board of directors in an Oct. 17 meeting.

Vale paid $2.25 billion to shareholders on April 30, the first installment of the dividend.