Brazilian miner and iron ore producer Vale plans to reduce its Capex spending in 2018, the company said this week in New York, during its Vale Day event.
Vale said it will spend about $3.8 billion in Capex next year, compared to $4.1 billion it expects to spend by the end of this year.
Most of the company’s forecasted Capex spending for 2018, about $2.6 billion, is for maintenance of its operations.
In 2019, the company plans to spend $4 billion, and then $4.2 billion in 2020.
Vale also said it expects to disinvest $1.5 billion from “non-core” assets between 2018 and 2020.