Vale Budgets 14.8 Billion dollars for 2009 Capex

摘要

In mid-October 2008, Vale announced plans for capital expenditures (capex) of 14.8 billion dollars in 2009, with 11.7 billion dollars of the total going to more than 30 development projects in Brazil, Canada, Mozambique, Oman, Australia, Indonesia, Chile and Peru, among other nations. The Vale 2009 capex budget also includes 736 million dollars for minerals exploration; 510 million dollars for conceptual, pre-feasibility and- feasibility studies to develop mineral deposits already identified; and 227 million dollars for new process development, technological innovation and adaptation. In a detailed press release outlining both its growth philosophy and project development planning, Vale acknowledged that the current global economic environment poses risks and said it retains options to manage its project pipeline in response to evolving market conditions, stating: "Global economic activity is decelerating and faces downside risks. In a globalized world, the performance of emerging market economies-the drivers of consumption of minerals and metals-is not insulated from the cycles of developed economies, as they are affected through the various trade and financial transmission channels.