Vale Lands Financing For Half Of $4B Rail, Port Expansion

Law360, New York (August 23, 2012, 7:56 PM EDT) -- Brazilian mining giant Vale SA has forged ahead in financing its halted $4 billion railroad and port expansion plan, with Brazil's national development bank BNDES agreeing to back more than half the project cost, BNDES announced Thursday.

BNDES will provide 3.9 billion Brazilian reais' ($1.9 billion) worth of financing for the Vale endeavor, representing 52.3 percent of anticipated capital investments, according to a statement from the development bank.

The project is intended to boost iron ore transport capacity by more than 30 percent on Vale's Logistics...
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