SAO PAULO, Jan. 27 -- Brazilian mining giant Vale (VALE5.SA: Quote)(VALE.N: Quote) has submitted a proposal to its board of directors for dividend payments in 2010 totaling a minimum of $2.5 billion, the company said in a statement late on Tuesday.

 The sum is unchanged from the minimum dividend distributed in 2009 and 24 percent higher than the average annual dividend paid out each year from 2005 to 2009. The proposed minimum dividend amounts to $0.479595670 per share, Vale said.

 Dividend payments in 2010 will be made on April 30 and Oct. 29 and the firm's board of directors will meet two weeks before those dates to make a decision on the size of the installment.

 The payments would be made in Brazilian reais (BRBY: Quote) calculated on the exchange rate with the U.S. dollar published by Brazil's central bank on the business day prior to the board meetings.