Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Brazil's Vale cuts 2016 investment to $5.5 bln
BRASILIA, April 6 (Reuters) - Brazilian miner Vale SA cut its forecast for capital spending in 2016 to $5.5 billion from $6.2 billion previously, and reiterated in a presentation on Wednesday it plans to sell core assets in a bid to cut debt by $10 billion.
Vale said the company's free cash flow is already near balance for the year and that the oversupply in iron ore markets should ease. Regardless of price conditions, Vale expects solid cash generation in 2016, the company said.
(Reporting by Silvio Cascione; Editing by Chizu Nomiyama)
Terms and Privacy Policy