28 de julio de 2016 / 16:21 / hace un año

BRIEF-Vale says no cash for expansion, only dividends, debt cuts

3 MIN. DE LECTURA

July 28 (Reuters) - Vale executives held a conference call with investors and analysts in English on Thursday to explain their second-quarter results.

* Vale top iron ore executive Poppinga says capital spending to maintain existing mines near peak and likely to fall a bit

* Vale Says That Its "Brazilian Iron Ore Blend" Received Regular Premium Of About $3 Above Benchmark Iron Ore Price In 2nd Qtr

* Vale CEO Ferreira says company is 'very enthusiastic' about outcome of evolving asset-sale plans

* Vale iron ore chief says realistic capacity of Carajas Railway is 175 million tonnes of iron ore a year from existing Carajas mines and new S11D mine

* Vale says world iron ore supply is flat at about 50 days and balanced and can remain balanced through restocking

* Vale says it expects 60 million tonnes of new sea-borne iron ore supply in 2017 compared with expected increase of 110 million tonnes in 2016

* Analysts are overestimating new mine ramp up and underestimating iron ore mine depletion

* Vale iron ore chief Poppinga says supply demand outlook for iron ore will likely keep price above $50 a tonne for most of 2017

* Vale says it expects the equity portion of the partial divestment of Moatize coal project to close in fourth quarter

* Moatize coal divestment money to flow direct to Vale, loans for future Nacala Corridor expansion will be non-recourse to Vale shareholders -CFO

* Vale says line of credit arranged with BHP for Samarco is to finance closed project's working-capital needs

* Vale says it will be depositing less stable slime, mud in old pits and not in upstream dams facing possible ban by brazil authorities

* Vale CFO says because of company's capital discipline there is no surplus cash for anything but dividends and debt payment

* Vale CFO says it has no plans to use cash for new expansion or takeovers

* Brazilian miner Vale says its cash cost for iron ore was $13.20 a tonne

* Costs for Mozambique Moatize coal project's Nacala port, rail corridor fell 40 percent in 2nd quarter, Vale says

* Vale CFO says it has made substantial progress on winning approval for sale of part of Mozambique coal project

* Vale CFO says provision for Samarco losses are not required under recovery, repair agreement with government after tailings dam burst in November

* Vale says ramp up of Salobo copper project has been delayed by electricity outages, expects to meet targets in second half

* Vale CEO Ferreira says he is 'confident' members of controlling shareholder Valepar will complete new shareholders' agreement this year

* Vale says it is reducing tailing-dam risk by doing more iron ore dry processing and separating rough waste from "slime" or muck.

* Vale says it plans to store much of future muddy mine waste in old pits, which is safer than upstream dams, Poppinga says.

* Vale says it plans to increase its dry iron ore processing from current 40 percent, no plans for controversial upstream dams Source text for Eikon: Further company coverage: (Reporting by Jeb Blount)

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