January 28, 2019 / 2:36 AM / 9 months ago

Vale suspends dividends, buybacks and bonuses after Brazil dam disaster

FILE PHOTO: The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. REUTERS/Ricardo Moraes/File photo

SAO PAULO (Reuters) - Vale SA, the world’s largest iron ore miner, suspended its planned shareholder dividends, share buybacks and executive bonuses in light of a deadly tailings dam disaster in Brazil, according to a securities filing late on Sunday.

Vale’s board of directors also created independent committees to investigate the causes of the Friday dam burst in the state of Minas Gerais and monitor relief efforts in the devastated town of Brumadinho and surrounding area.

Reporting by Paula Laier; Writing by Brad Haynes; Editing by Peter Cooney

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