Vale Announces $24 Billion Investment

Company has 'confidence in long-term global fundamentals'

Brazil's mining giant Vale announced on Oct. 28 that it will invest $24 billion next year to finance operations, research and development, and carry out projects.

The sum was more than double the $10.6 billion the company had spent on those activities in the 12 months to end of September.

The investment, approved by Vale's board, puts greater emphasis on research and development and starting all-new projects and converting existing projects, a statement said.

Vale said it had "confidence in long-term global fundamentals" and promised "strong growth."

Copyright Agence France-Presse, 2010

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