CVRD plans to spend $1 Billion to speed expansion of metals production.

Capital spending will amount to $7.35 billion, or 16 percent more than previously forecasted, Rio de Janeiro-based Vale said today in a statement. More than half of the increase, or $575 million, will go to nickel and copper mines in Brazil and on the Pacific island of New Caledonia.
``Demand is strong and we are doing everything we can to meet our clients needs,'' Chief Executive Officer Roger Agnelli told reporters at company headquarters in Rio de Janeiro. ``We plan to accelerate our efforts to expand.''
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