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Vale CEO favors new dividend policy based on cash flow

Vale SA CEO Fabio Schvartsman is leaning toward a new dividend policy that is hinged on the company's cash flow generation instead of its financial results, the Financial Times reported March 19.

"The one who will decide on the new [dividend policy] is the board but my preference is that it be linked in some form to the company's cash generation, not necessarily the [financial] results," Schvartsman told the newspaper in an interview. The company's board is expected to decide on the policy this month.

Vale reported net income of US$771 million for the fourth quarter of 2017, up from a year-ago net income of US$525 million, even after the effects of noncash losses on monetary and exchange rate variation, higher impairments and other results on noncurrent assets.

Earlier this month, the company said it intends to reduce its debt through a US$2.25 billion note redemption.