Referenced Stocks

Market Chatter: Vale to Postpone $3 Billion Potash Project in Canada; Shrs Add Small Bit More To Regular Hours Gains

By MT Newswires,  August 16, 2012, 04:35:41 PM EDT

Vale SA ( VALE ) will postpone a US$3 billion fertilizer project in Canada and may delay other investments as it seeks to contain spending and focuses on the expansion of its biggest mine, Chief Executive Officer Murilo Ferreira said, according to a Bloomberg file.

The world's largest iron-ore producer is committed to "cost austerity," Ferreira told reporters during an event in Rio de Janeiro today. Vale's priority is the expansion of its US$8.04 billion Serra Sul investment in Carajas, the world's largest iron-ore mine, which is the company's biggest project ever, Ferreira said.

Vale ADRs on the NYSE are up 2 cents at $18.20 in after hours trading, adding to the 16 cents gained during regular hours.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: VALE



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