Vale sticks to investment plan

Brazil's Vale, the world’s third-largest mining company, has yet to change its investment plans or suffer any canceled or modified shipments because of the global crisis, its chief executive said yesterday. Murilo Ferreira said that unlike the 2008-09 crisis when Vale was forced to reduce production and lay off workers, this time around, credit and financing lines have remained intact, allowing the trade of iron ore and other commodities to continue. “Life goes on as usual at Vale and, as a result, things are going as planned. We had a very good July,” Ferreira said. Vale remains “strongly optimistic” about its key market of China, Ferreira said, although he acknowledged concerns about high inflation there that could eventually translate into dampened demand.