Vale anticipates $80.7 million in supplier pre-payments

Thursday, 09 April 2020 23:24:52 (GMT+3)   |   Sao Paulo

Brazilian iron ore producer Vale said it will spend a combined BRL 923 million ($182.9 million) in pre-payments to 3,000 suppliers.

The company said it has already made payments of BRL 521 million ($102.3 million) to small and medium-size companies since the beginning of the Covid-19 outbreak. Additionally, it will provide another round of payments of BRL 411 million ($80.7 million) to aid suppliers by late April.

Vale said it plans to reduce the timeline to pay suppliers for both services and materials delivered by up to 85 percent.

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