Dow Jones: Brazil's Vale Says 2011 Investments Fell Below Projected Level

Brazil's Vale Says 2011 Investments Fell Below Projected Level.
Staff Reporters
Dow Jones MetalSource Non-Ferrous Metals

RIO DE JANEIRO -(Dow Jones)- Investments at Brazilian miner Vale SA (VALE, VALE5.BR) ended 2011 below levels originally planned due to increasing difficulties in investing, Vale directors said Friday. The company invested $16.4 billion in 2011, below the $24 billion originally announced for the year, according to information presented by Investor-Relations Director Roberto Castello Branco and Chief Financial Officer Tito Martins at a seminar in Rio de Janeiro.
Investments fell below expectations due to difficulties in obtaining environment licenses, manpower and setting up new projects, Martins said. "From now on we will only announce investments when we are sure we will carry them out," Martins said.
The company has said in 2012, it will invest $21.4 billion in developing projects including in iron ore, copper, coal and fertilizers, Martins said.