25.11.2010 | Editor: Marcel Dröttboom
Rio de Janeiro, Brazil – Vale has announces that its Board of Directors has approved the investment budget for 2011, involving capital expenditures of USD 24.0 billion dedicated to sustaining existing operations, research and development (R&D) and project execution.
The capex budget for 2011 represents an increase of 125.1 per cent over the USD 10.7 billion invested in the last twelve-month period ended on September 30, 20102. The investment plan reinforces the focus on organic growth as a priority: 81.3 percent of the budget is allocated to finance R&D and greenfield and brownfield projects against an average of 74.4 per cent over the last five years.
During 2011 Vale will invest in the development of a large number of world-class projects, fifteen of which have already been approved by the Board of Directors. The approved projects include Carajás Additional 30 million tonnes per year, Conceição Itabiritos, Vargem Grande Itabiritos, Oman, Tubarão VIII, CLN 150, Salobo, Salobo II, Konkola North, Long Harbour, Totten, Moatize, Biofuels, Estreito and Karebbe.
Vale will also continue to make sizeable investments in its railroads, maritime terminals, shipping and power generation, while acting as a catalyst of local development, contributing to build a sustainable regional legacy in those communities where the company is present and ultimately to global sustainability.
18 large projects are coming on stream in 2010-2012, creating cash flow generation from the USD 26 billion of capital invested over time in their development.
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