Bloomberg quoted Mr Murilo Ferreira president of Vale SA as saying that it must not limit itself to the Chinese market since other Asian markets are demonstrating important growth.

He said that the company will direct its investment to a smaller number of projects that require large amounts of capital. Its iron ore and steel project in Guinea will be delayed because of legislative uncertainties in that country.

Mr Ferreira said that the devaluation of Brazil's currency in the quarter ended in June 2012 will affect Vale's debt and profit levels because its debt and revenue are in dollars.

Source - Bloomberg

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