CVRD Revises 2007 Capex Budget to US$ 7.4 Billion.
PR Newswire Europe, April, 2007
RIO DE JANEIRO, Brazil, April 27 /PRNewswire/ --
Companhia Vale do Rio Doce (CVRD) hereby announces that its Board of Directors approved the revision of its investment budget for 2007 to US$ 7.351 billion(1), an increase of US$ 1.017 billion compared to the US$ 6.334 billion budget announced in January 26, 2006. This review basically reflects changes in the average price of currencies in which our expected disbursement are denominated (US$ 383 million) and additional investments in the nickel operations (US$ 500 million).
The increase in the investments is consistent with the evolution of the Company's cash flow and its financial policy guidelines, which aim to preserve a healthy balance sheet and, more specifically, a level of leverage indicative...
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