Investment

Brazil's Vale to invest $10.2 billion in 2015, down 30.9% on 2014

Brazilian mining giant Vale's board of directors has approved a $10.2 billion investment budget for 2015, down 30.9% on the year, the company said Tuesday.

Platts
03/12/2014 19:55
Visualizações: 1164 (0) (0) (0) (0)

Brazilian mining giant Vale's board of directors has approved a $10.2 billion investment budget for 2015, down 30.9% on the year, the company said Tuesday.

 

Within that total, $6.4 billion is slated for project execution, with the remaining $3.8 billion to sustain existing operations, Vale said in a statement.

 

Vale in the third quarter said it expected its 2014 spending to be $13.8 billion, comprised of $9.3 billion for project execution and $4.5 billion for sustaining existing operations. The company also estimated a $900 million investment for research and development.

 

"This is the fourth consecutive year in which Vale reduces its capital expenditures, maintaining capital discipline and focusing only on world class projects," it said.

 

Iron ore projects are responsible for 71% of Vale's project execution budget, it said.

 

The main projects are the expansion of integrated iron ore operations in northern Brazil's Carajas. This work would receive $3.7 billion investments in both mine S11D operations and logistic railway-port expansion CLN S11D. Vale would also spend $659 million to complete the Itabirites projects in southeastern Minas Gerais state, targeting "the partial replacement of capacity, increasing production and quality improvement in the iron ore production from the Southern and Southeastern Systems."

 

Vale's Carajas S11D is set to produce 90 million mt/year by 2016, while the Itabirites system, including Conceicao Itabiritos II, Vargem Grande Itabiritos and Caue Itabiritos projects, are set to reach production of 53 million mt/year in the second half of 2015, it said.

 

Logistic project CLN S11D is expected to reach a final 230 million mt/year capacity by 2018, the company said.

 

Vale's operating budget for 2015, it said, will "fundamentally provide funding" for operations, mainly equipment replacement; building and expanding waste dumps and tailings dams; health and safety; and corporate social responsibility.

 

Most Read Today
see see
Bahia Oil & Gas Energy 2025
Bahia Oil & Gas Surpasses Expectations and Strengthens I...
29/05/25
Bahia Oil & Gas Energy 2025
Petroborn Plans to Invest US$ 35 Million in Northeastern...
29/05/25
Bahia Oil & Gas Energy 2025
GBS Storage Discusses Unprecedented Natural Gas Storage ...
29/05/25
Pre-Salt
MODEC FPSOs Boost Oil and Gas Production, According to A...
29/05/25
Celebration
ANP’s BDEP Turns 25
29/05/25
Bahia Oil & Gas Energy 2025
Bahia Oil and Gas 2025 opens with strategic discussions ...
29/05/25
Sergipe Oil & Gas 2025
June 3rd Marks the Launch of Sergipe Oil & Gas 2025
29/05/25
Bahia Oil & Gas Energy 2025
Tiger Rentank marks its presence on the first day of Bah...
29/05/25
Partnership
ANP partners with the Navy to begin work on the extensio...
27/05/25
Bahia Oil & Gas Energy 2025
Authorities confirm participation in Brazil's second lar...
27/05/25
Pre-Salt
Libra Consortium announces first oil from Mero-4 FPSO in...
27/05/25
Permanent Offer
5th Cycle of the Permanent Concession Offer: Bidding Seq...
27/05/25
OTC Houston 2025
Brazilian Companies Generate US$316 Million in Deals Dur...
22/05/25
Bahia Oil & Gas Energy 2025
The Largest Oil and Gas Event in Northern and Northeaste...
22/05/25
Pre-Salt
ANP Authorizes Start of Operations for Platform in the M...
22/05/25
ANP
Amounts related to March production from concession and ...
22/05/25
Bahia Oil & Gas Energy 2025
Tenaris highlights field-proven solutions for onshore pr...
22/05/25
Results
Oil Production Under Production-Sharing Regime Surpasses...
21/05/25
Equatorial Margin
Petrobras Obtains Authorization from Ibama for Deepwater...
21/05/25
International Event
4 Weeks to Go: North America’s Largest CCUS Event Approaches
20/05/25
Bahia Oil & Gas Energy 2025
BOGE25 to Offer Business Opportunities for Oil and Gas C...
16/05/25
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.