December 03, 2012 at 07:31 AM EST
UPDATE 1-Vale cuts 2013 spending 24 pct to $16.3 bln vs 2012
RIO DE JANEIRO, Dec 3 (Reuters) - Brazil's Vale SA, the world's second largest mining company, will slash capital expenditures by 24 percent next year, after a drop in iron ore prices led the company to rethink its outlook for expansion.
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