Vale is unlikely to pay extraordinary dividends this year, the firm’s CFO Marcelo Bacci said on Friday, after the Brazilian miner reported a 20% slump in third-quarter core profit, hit by lower iron ore prices and elevated fuel and freight costs. Citing geopolitical uncertainty, the executive said Vale prefers to “retain a bit more cash and have a lower level of indebtedness,” while also viewing share buybacks as attractive given what he described as inexpensive share prices.
