Brazil's Vale approves 2014 investment budget of $14.8 bln

SAO PAULO Mon Dec 2, 2013 6:50am EST

SAO PAULO Dec 2 (Reuters) - Brazilian iron ore miner Vale SA said on Monday its board approved a 2014 investment budget of $14.8 billion, with 80 percent going to develop new iron ore project and logistics.

The company said in a statement it remained committed to developing its Mozambique coal project and its Salobo copper and gold project.

After reaching a peak of $18 billion in annual investment budgets in 2011, Vale said 2014 marked the third consecutive year of declining investments as it refocuses on its core business of iron ore mining.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.