Vale to Have Lower Budget in 2012 Than in 2011

Bloomberg reported Vale SA (SAO:VALE5) will have a 2012 budget below the $24 billion planned for this year.

As quoted in the market news:

Rio-based Vale’s spending in 2011 will be lower than expected at no more than $19 billion due to global economic uncertainties and difficulties in obtaining environmental licenses in Brazil, the Sao Paulo-based newspaper said. The 2012 budget will be about the same amount as total spending in 2011, Estado said.

Click here to read the full Bloomberg report.