Vale SA's board approved shareholder remuneration for 2017 of around 42 Brazilian centavos per outstanding share, for a total of 2.18 billion reais, the company said Dec. 14.

The record date for the owners of the company's shares traded on the B3 is Dec. 21, and Dec. 26 for the holders of Vale's American Depositary Receipts traded on the NYSE and Euronext Paris.

The payment will occur March 15, 2018, along with a potential complement to the minimum remuneration required for the current fiscal year.

The company expects to announce a new remuneration policy by March 30, 2018. The payment of shareholder remuneration for 2017 substitutes the company's current remuneration policy, which establishes payment of dividends in April.

In April, the shareholders approved a dividend of 90.56 centavos per common or preferred share for 2016, for a total of 4.67 billion reais.

As of Dec. 14, US$1 was equivalent to 3.33 Brazilian reais.