RIO DE JANEIRO, Dec 2 (Reuters) - Brazil’s Vale SA said on Tuesday it would reduce its investment budget for 2015 to $10.2 billion, as the company looks to avoid a cash flow squeeze in the midst of an iron ore price that has halved this year.
The company also said it aimed to produce 340 million tonnes of iron ore in 2015.
Vale, the world’s largest producer of iron ore, had previously said it expected to invest $12.5 billion in 2015.
The company said in a release it planned to invest $6.35 billion for execution of projects and $3.81 billion for maintaining existing operations in 2015.
Reporting by Reese Ewing and Stephen Eisenhammer; Editing by Chizu Nomiyama