Vale cuts capex budget to lowest since 2010

Vale (VALE) announces a $14.8B capital spending budget for 2014, a third straight year of reductions as the iron ore miner focuses on boosting returns at existing operations.

The business plan for next year includes investments of $9.3B for new projects, $4.5B dedicated to sustain existing operations and $900M for R&D; Vale will focus 85% of its mineral exploration expenditures in Brazil, Canada, Australia and Peru.

Vale projects iron ore output to increase to 312M metric tons in 2014 from an expected 306M tons this year, 4.3% less than the 326M tons it was forecasting for 2014 a year ago; copper and nickel production each are seen gaining ~11%, but output for coal and potash is expected to drop.

Shares -0.6% premarket.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs