Brazilian miner and iron ore producer Vale has reduced its Capex spending guidance for 2021, while also updating other expenses, the company said late this week. Vale’s Capex should reach $5.4 billion this year, down from a previous estimate of $5.8 billion.
Vale said that its Capex and other spending projections are subject to market factors and as such might change in the future. The company said it expects to spend between $2.7 billion and $3.2 billion with Brumadinho this year.
As for tax revenues and the Refis tax in Brazil, Vale estimated a $3.8-$4.2 billion spending this year.