Brazil-based miner Vale has announced that it has approved an investment budget of $10.17 billion for 2015, including $6.35 billion for project execution and $ 3.8 billion dedicated to sustaining existing operations. This will be the fourth consecutive year in which Vale will have reduced its capital expenditures.
Vale said that main growth initiatives in iron ore account for 71 percent of the $6.35 billion budgeted for project execution in 2015.
The budget for the ferrous minerals business is $1.93 billion, while base metals sustaining investments will total $ 1.38 billion.