Vale SA's board on March 29 approved a new dividend policy that will be effective on the results of the first half.

Under the new policy, the Brazilian mining giant will distribute 30% of its adjusted EBITDA less sustaining CapEx in dividends from the six-month results.

A dividend will be paid in two semiannual installments, the first in September 2018 and the second in March 2019.

Vale's adjusted EBITDA for 2017 was US$15.34 billion, 30% of which comes to US$4.60 billion. Its sustaining CapEx in 2017 was US$2.23 billion.

The company approved a dividend of 2.54 billion Brazilian reais for 2017.

As of March 29, 2018, US$1 was equivalent to 3.32 Brazilian reais.