CAPEX cuts - Vale spending to fall to USD 10 billion in 2009
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Tuesday, 19 May 2009
Bloomberg cited Mr Roger Agnelli CEO of Cia Vale do Rio Doceas saying that it will invest USD 10.5 billion this year, less than previously expected.
Mr Angelli told reporters in Sao Paulo that “If we were to do all projects scheduled for this year we would spend USD 10 billion or USD 10.5 billion. That would be the most if all went well.”
Mr Agnelli said lower costs and currency effects are pushing spending down from a previously announced USD 14 billion.
He added that the company will give a revised spending plan next month.
(Sourced from Bloomberg)
