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October 20, 2009

Vale to Increase Investments to $12.9b in 2010

Brazil's Vale says it plans to increase investments in 2010 to $12.9bn, a 43% hike over $9bn in 2009. The decision was made by the iron ore producer following a meeting with Brazil’s President Luiz Inacio Lula da Silva, Vale chief executive Roger Agnelli said. "It's the large

By cms admin

Brazil’s Vale says it plans to increase investments in 2010 to $12.9bn, a 43% hike over $9bn in 2009.

The decision was made by the iron ore producer following a meeting with Brazil’s President Luiz Inacio Lula da Silva, Vale chief executive Roger Agnelli said.

“It’s the largest investment in Brazil ever carried out by a private company,” Agnelli added.

The total investment, however, is still less than the $14bn initially announced by Vale before the global economic downturn compelled the company to reduce the amount.

The new investment proposal still exhibits low investment of 3% in the steel sector as against 31% for non-ferrous metals, 30% for ferrous metals and 21% for logistics.

Allocation for the remaining 15% has not yet been disclosed.

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