Financial revenues totaled US$ 69 million, above the US$ 48 million figure for 1Q10. Financial expenses reached US$ 514 million, compared to US$ 465 million spent in 1Q10, impacted mainly by tax charges of US$ 56 million on the conversion into ADRs of the two series of mandatorily convertible notes due June 15, 2010, representing 1.5% and 1.3%, respectively, of the outstanding common and preferred shares on June 15, 2010.
In 2Q10, Vale's investments, excluding acquisitions, amounted to US$ 2.375 billion. US$ 1.694 billion was spent on project development of organic growth, US$ 273 million on research and development (R&D), and US$ 407 million on the maintenance of existing operations.
The capex in the first half of the year totaled US$ 4.533 billion, compared to US$ 3.794 billion in the same period of last year. Of the total disbursement in 1H10, 81.5% was allocated to finance growth, involving project execution and R&D.In 2Q10, R&D investments comprised expenditures of US$ 79 million in the mineral exploration program, US$ 75 million in natural gas exploration, US$ 102 million in conceptual, pre-feasibility and feasibility studies for projects, and US$ 17 million to develop new processes, technological innovations and adaptation of technologies. To support our growth strategy, we continue to invest in greenfield mineral exploration to find new reserves and create additional growth options for Vale, searching mainly for non-ferrous minerals, fertilizers and bulk materials in South and North America, Africa, Asia and Oceania. To watch the webcast of this conference and previous events please go to www.vale.com About Vale Vale is the world's second largest diversified mining company in market capitalization. Present in more than 30 countries, Vale is the world's largest producer of iron ore and pellets, key raw materials for the steel industry, and one of the largest producers of nickel, which is used to produce stainless steel, batteries, special alloys, chemicals and other products. The company also produces potash, copper, manganese, ferroalloys, bauxite, alumina, aluminum and coal, among other raw materials important to the global industrial sector and present in people's daily lives. For more information, please access www.vale.com SOURCE VALE