Eduardo Bartolomeo told investors on a conference call the Brazilian iron ore miner would be able to resume dividend payments at some point, but that "that moment has yet to arrive".

Bartolomeo was speaking a day after Vale reported a weaker-than-expected 15% third-quarter earnings gain as the company struggles to restore production lost after regulators demanded that it shut down a series of other dams for safety reasons.

Still, Vale shares were up 2.7% in morning trading, with analysts citing the company's strong cash flow in the period, which they said cut its debt to an 11-year low.

Also during the conference call, Marcelo Spinelli, Vale's director of ferrous metals, forecast 2020 growth in global iron ore demand of 2% to 3%, adding that he expects a 1% uptick in Chinese steel production.

(Reporting By Christian Plumb and Roberto Samora; editing by David Evans and David Gregorio)

By Roberto Samora and Christian Plumb