December 3, 2012 / 12:05 PM / 5 years ago

Vale cuts 2013 investment 24 pct to $16.3 bln vs 2012 plan

RIO DE JANEIRO, Dec 3 (Reuters) - Brazil’s Vale, the world’s second-largest mining company, plans capital spending of $16.3 billion in 2013, the Rio de Janeiro-based company said in a statement sent to securities regulators on Monday.

Expected 2013 investment in new projects, research and development, and maintenance of existing mines and plants is 24 percent less than the $21.4 billion originally planned for 2012.

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