Vale to prepay $179 million to suppliers

Ponta da Madeira iron ore terminal. (Image courtesy of Vale SA)

Vale (NYSE: VALE) will prepay 932 million reais ($179.5 million) to roughly 3,000 small suppliers by the end of April, in a move to help ease the economic impact on them from the coronavirus outbreak.

The company said it has already disbursed nearly half of this amount in the last two weeks.

($1 = 5.1930 reais)

(By Marta Nogueira and Carolina Mandl)

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