Vale Delays $1.3B Zogota Iron Mining Project In Guinea

Law360, New York (October 25, 2012, 5:11 PM EDT) -- Vale SA has pulled back its $1.3 billion Zogota iron ore mining project at Simandou in Guinea to the review stage after previously projecting it would start production in the second half of 2012, according to the Brazilian mining giant's regulatory filing Wednesday.

Blaming a drop in iron ore prices, the company indicated plans to modify its investment strategy by scaling back on research and development expenses, shedding "nonvalue-adding" assets, and focusing on its iron ore mining operations in Carajas in Brazil, according to the company's...
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