(Reuters) – Brazilian miner Vale SA approved a share buyback program of up to 500 million common shares to be carried out over the next 18 months, the company said on Wednesday.

The program represents around 10% of Vale’s outstanding shares. The company also said it was concluding its previous share buyback program, which had repurchased approximately 168 million shares.

(Reporting by Carolina Pulice and Peter Frontini; Editing by Leslie Adler)