vale cuts spending

This article is old, but i'm not sure i've seen it here. Makes me wonder whether the new director appointment is to clutch at straws with Vale, among other things obviously.
Anyway. Not cool, as they say.

Brazilian mining giant Vale has cut estimated 2013 spending by $5.1 billion and reshuffled its plans to focus on the iron ore sector.

According to a regulatory filing on Monday Vale cut spending on new projects, research, and existing developments due to sluggish growth in the United States, China, and Europe, Reuters reports.

"The outlook for slower expansion of global demand for minerals and metals in the medium term requires rigid discipline in the allocation of capital and greater focus in maximizing efficiency and reducing costs," the company said in a statement.

Among the cuts the company removed the Simandou iron ore mine in Guinea, the Lubambe copper mine in Zambia, and the Samarco IV pellet plant, shared with BHP Billiton, from the list of active projects.

It’s also considering selling aluminium and logistics assets, and just as in 2013, the company will spend 47 per cent of its new budget on iron ore expansions.

[...]

Overall Vale said it needed to continue research programs to find cheaper and more efficient ways to mine



http://www.miningaustralia.com.au/news/vale-cuts-new-spending-by-$5-1-billion