Brazilian miner and iron ore producer Vale said it plans to reduce its net debt to $10 billion by 2019, the company said during the Vale Day in London late last week. As of Q3, Vale reported a net debt of $21 billion; Vale plans to use cash flow money to reduce debt.
Vale CFO Luciano Pires said at the time the company’s message “was very clear,” adding that beyond the achievement of the $10 billion target Vale would distribute the company’s cash flow as dividends.