Vale says capex peaked in 2011/12, growth to resume in 2014

NEW YORK Mon Dec 3, 2012 11:01am EST

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NEW YORK Dec 3 (Reuters) - Capital expenditures likely peaked in 2011 and 2012 for Brazil's Vale, the world's second-largest mining company, Chief Financial Officer Luciano Siani said at a press conference in New York on Monday.

Vale cut its estimated 2013 capital spending by 24 percent as it rethinks expansion plans after a global slowdown and a drop in iron ore prices. Siani said growth would likely be slow in 2013 but should resume in 2014.

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