Brazil mining giant Vale announced October 4 that it has entered into agreements with Export Development Canada (EDC), Canada's export credit agency, for the financing of its capital expenditure program related to Canadian export projects and future Canadian procurement opportunities in Vale operations.
Pursuant to the agreements, EDC will provide credit lines up to US$1 billion. US$500 million will be available for operations in Canada, including US$250 for development projects in Newfoundland and Ontario. The additional $500 million will be available to develop future Canadian procurement by Vale for its operations outside Canada.
This agreement is part of a broader financing package for Vale's investment program involving official credit institutions from several countries, including supporting growth initiatives to the extent that it involves proper conditions for the financing of our mining and logistics projects, such as competitive costs and long maturities, thus contributing to enhance their potential to generate substantial shareholder value.