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

jueves 28 de julio de 2016 12:17 GYT
 

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   Continuación...