Vale approves 2015 capex budget of $10.2bn

The board of Brazil-based diversified miner Vale has approved an investment budget for new and sustaining projects of $10.2-billion for 2015, representing the fourth consecutive year in which Vale has reduced its capital expenditure (capex), as it deals with low iron-ore prices. Iron-ore prices had fallen dramatically this year owing to the slower growth of its most significant importer China and an aggressive supply push from major iron-ore producers, particularly in Australia.