On Monday, Brazilian mining company Vale said that its Board of Directors has approved the investment budget for 2013, involving capital expenditures of US$ 10.1 billion for project execution and US$ 5.1 billion dedicated to sustaining existing operations, as well as US$ 1.1 billion for research and development (R&D) expenditures. Capital and R&D expenditures in 2012 are estimated to reach US$ 17.5 billion, lower than the US$ 18.0 billion for 2011, the peak expected for the foreseeable future. The company also noted that Vale was granted about 100 environmental licenses in 2012.
Vale said that "The prospects of a moderate expansion of the global demand for minerals and metals over the medium-term do require a stricter discipline in capital allocation and a stronger focus on maximizing efficiency and minimizing costs. Our priority has shifted from the marginal volume to the capital efficient volume, a move that has deep implications for the way we manage capital."