SÃ O PAULO—Brazilian mining giant Vale SA said Wednesday it is
planning to slash its investment spending over the next three
years.
The company expects to invest a total of $9 billion this year
and $7 billion in 2016. Capital spending will continue to slow in
2017 and 2018, to $5 billion and $4 billion, respectively. In 2014,
Vale invested a total of $12 billion in its operations.
The company unveiled the plan in a presentation to investors
posted to Brazil's Securities and Exchange Commission website.
Meanwhile, the company said it expects to raise between $6
billion and $7 billion with the sale of certain assets that aren't
part of its core business.
Vale reported a net loss of $3.1 billion in the first quarter,
as low global demand pushed iron-ore prices lower. The company,
which is the world's largest iron-ore producer, posted a net profit
of $2.5 billion in the first quarter of 2014.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Access Investor Kit for Vale SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=BRVALEACNOR0
Access Investor Kit for Vale SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=BRVALEACNPA3
Access Investor Kit for Vale SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US91912E1055
Access Investor Kit for Vale SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US91912E2046
Subscribe to WSJ: http://online.wsj.com?mod=djnwires