July 27, 2017 / 2:44 PM / a year ago

Brazil's Vale to cut capex, eyes net debt goal of under $15 bln

RIO DE JANEIRO, July 27 (Reuters) - Executives at Brazil’s Vale said on Thursday the world’s top producer of iron ore would continue cutting capital expenditure and was eyeing a net debt goal of less than $15 billion, without specifying a time frame.

The company had said it aimed to cut net debt down to a range of $15 billion to $17 billion this year. On a conference call following second-quarter results, Vale Chief Executive Officer Fabio Schvartsman said the company was uncomfortable with higher mining royalties unveiled by the government earlier this week. (Reporting by Brad Haynes and Marta Nogueira)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below