Vale SA : Brazil Miner Vale Approves BRL6.1 Billion Payment To Shareholders

10/16/2012| 06:24pm US/Eastern BRASILIA--The board of Brazilian mining company Vale (VALE VALE5.BR) Tuesday approved payment of a pending 6.1 billion Brazilian real ($3.0 billion) minimum distribution of dividends and interest to shareholders, the company said in a statement filed with Brazil's CVM securities and exchange commission. The company said the payment would be made from Oct. 31 based on shareholdings as of Oct. 15. The payment will include BRL3.4 billion in dividends and BRL2.7 billion in interest due. In addition to the shareholder payment, Vale Tuesday also announced that the board elected Dan Conrado as its new president. Mr. Conrado is president of Previ pension fund linked to Brazil's state-run Banco do Brasil (BBAS13.BR) bank. Mr. Conrado holds a law degree and previously served as vice president for retail operations at the Banco do Brasil. He will replace former Vale board president Ricardo Flores, who resigned from the post to assume the board presidency at the Brasilprev insurance and pension administrator. Write to Gerald Jeffris at gerald.jeffris@dowjones.com