Vale SA (NYSE:VALE), a Brazilian mining company, announced that it will postpone projects int he conceptual phase due to the economic climate.

As quoted in the press release:

Vale, the world’s biggest iron-ore-producing company, has already said it is postponing its $3 billion Kronau potash project in Canada. Other postponements may be announced after consideration by the company’s board of directors, Vale said in an emailed statement.

The company stated:

In December, when we announce our investments plan, this will reflect the new economic scenario.

Click here to read the full press release.