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.

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