OREANDA-NEWS. December 21, 2012. Brazilian mining giant Vale unveiled a 2013 investment plan that was pricier than analysts had expected but smaller than in the previous two years, reflecting a company austerity effort amid weaker iron-ore prices.

In a filing with the Brazilian securities commission, Vale said it expects to spend USD 10.1 billion in 2013 on projects, USD 5.1 billion on maintenance of existing operations and another USD 1.1 billion on research and development.

The total expected outlay of USD 16.3 billion came in above the median estimate of USD 15.1 billion in a Dow Jones Newswires survey of eight analysts last week.

Vale also revised down its estimate for 2012 capital expenditures to USD 17.5 billion. The firm had initially budgeted USD 21.4 billion, a figure widely seen as unattainable after spending during the first three quarters amounted to just USD 12.3 billion.

Vale's shares in Sao Paulo traded up 0.4% at 36.84 Brazilian reais (USD 17.47) in the early minutes of Monday's sessions.