Vale revises 2009 capex budget down from $14.235 billion to $9 billion

International MiningCompanhia Vale do Rio Doce (Vale) has approved the downward revision of its investment budget for 2009, basically reflecting the change in the average price of currencies in which its expected disbursement are denominated, revised equipment and implementation costs, delays mainly associated with environmental licences, and simplification or change in the scope of certain projects. The main projects in terms of financial disbursements in 2009 are: maritime shuttle service ($595 million), Goro (nickel - $520 million), Carajás 130 Mt/y (iron ore - $455 million), Onça Puma (nickel - $435 million), Salobo (copper - $375 million), Oman (iron ore pelletising plant - $353 million), Moatize (coal $319 million), Bayóvar (phosphate - $308 million), Tubarão VIII (iron ore pelletising plant - $230 million), and Serra Sul - mine S11D (iron ore - $233 million). (more…)

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