On September 24, the largest global mining company Brazil-based Vale announced that it plans to expand its Asian business via a listing on Hong Kong Stock Exchange. The move will help Vale to gain direct access to the Asian capital market, which the miner describes as "the fastest growing market in the world." The listing process still depends on the approval of capital markets regulatory agencies. Approval is expected to be finalized by the end of the current year.
The Brazilian miner's board of directors has also approved plans to buy back up to 64.81 million common shares and up to 98.367 million preferred shares with a total value of $2 billion, accounting for five percent of the company's public shares. The repurchase is to take place over the next six months.
Vale also revealed that it will distribute dividends worth $1.75 billion by the end of next year.