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SAO PAULO (Reuters) – When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world’s largest iron miner, turning the page on a tailings dam disaster that hit a small Brazilian town two years before: “Mariana, never again.”. That and many of Schvartsman’s other big promises look destined for the scrap heap vintage cufflinks ebay. Four years later and some 100 km (60 miles) from Mariana, a breached Vale tailings dam on Friday unleashed a torrent of mud on another small Brazilian community, Brumadinho, leaving hundreds missing and presumed dead..
While the company’s focus so far has been on the human tragedy, analysts and shareholders have little doubt that Vale cannot continue on the track its CEO set. Schvartsman, 63, who said recently he would stay on through 2020 after his current term expires in May, designed Vale’s strategy around spending more than $10 billion in annual free cash flow as China gobbled up its high-grade iron ore. Offering generous dividends, reinvesting in money-losing divisions and searching for mid-sized acquisitions – many of those plans may have to be abandoned as Vale braces for lawsuits that could grow into the tens of billions of dollars vintage cufflinks ebay.
One executive at a pension fund that holds Vale shares, who asked for anonymity due to the sensitivity of the matter, said it would be hard to justify big shareholder payouts in coming quarters, adding that a full review of Vale’s governance was needed. Early on Sunday, Vale said in a response to a question over its dividend policy that the company was focused on helping the disaster victims and “had not discussed the issue of dividends”. But in a late Sunday filing, it said its board had decided to suspend planned shareholder dividends, share buybacks and executive bonuses because of the disaster vintage cufflinks ebay.
During a Sunday visit to the rescue efforts, Schvartsman pledged to renew Vale’s focus on safety, going “above and beyond any national or international standards.” vintage cufflinks ebay. “We will create a cushion of safety far superior to what we have today to guarantee this never happens again,” he said. One of Vale’s top shareholders, public-sector pension fund Caixa de Previdencia, known as Previ, on Saturday took the unusual step of issuing a statement saying it will demand a thorough investigation of the accident and will ensure the company helps the families and communities affected..
The fund did not reply to an additional request for comment. Another major shareholder, Bradespar SA, the investment company of Brazilian lender Banco Bradesco SA, declined to comment. U.S.-listed Vale shares tumbled 8 percent on Friday after the disaster vintage cufflinks ebay. Brazilian markets were closed for a holiday. On Saturday, ratings agency Standard & Poor’s put Vale’s rating on credit watch negative, warning that it could cut the BBB- rating by several notches depending on fines and the possible loss of an operating license in the affected area..