PT Vale to spend another $10-20m in Q4

By Thomas Sembiring

IDX-listed integrated nickel mining firm PT Vale Indonesia Tbk is expected to spend another US$10 million to $20 million in the fourth quarter (Q4) of this year to make a total capital expenditure of around $70 million for the full-year.

?Our capital expenditure until the third quarter is already around $50 million. Until end of this year, we?ll probably spend a total of $60 million to $70 million,? said PT Vale Finance Director Bayu Widyanto on Monday.

As has been previously reported, Bayu said that PT Vale plans to increase capital expenditure to around $90 million, a figure which may be revised depending on nickel price development in the world market, of which around $5 million will be used to finance exploration in Sorowako, and $15 million for replacement of heavy equipment.

Editing by Reiner Simanjuntak