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Vale to use 2017 cash flow to slash debt, pay dividends, says CEO

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Vale to use 2017 cash flow to slash debt, pay dividends, says CEO

Vale SA intends to use its cash flow this year to slash its debt and pay dividends, Reuters reported Dec. 4, citing President and CEO Fabio Schvartsman.

Schvartsman said during an event in Rio de Janeiro, Brazil, that the miner tended to generate US$14 billion or US$15 billion in cash in good or normal years, adding that 2017 was normal.

"The first thing we are going to do with the cash is pay debt, and then we are going to make this company's shareholders happy as never before," Schvartsman said, without disclosing a time frame.

He noted that Vale would also try to improve capital allocation, which would enable the miner to deliver stronger financial results over the long term.

The company's nickel investments have not yielded the desired results, but Vale is trying to show that better results in the sector are possible, the executive said.

Schvartsman's first annual investment plan is set to be released as part of Vale Day later in the week.