Vale S.A., the Brazilian based mining group, has announced a deal with Canada’s export credit agency, Export Development Canada (EDC), to provide Vale with credit of up to US$ 1 billion.

The package is intended for the financing of Vales capital expenditure program related to Canadian export projects and future Canadian procurement opportunities in Vale operations.

In a statement issued by Vale, up to US$ 500 million will be available for operations in Canada, of which half will be used for the development of Long Harbor nickel refinery plant, and half used to finance several projects planned for development in the Ontario region.

The remaining US$ 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 our investment program involving official credit institutions from several countries” state Vale, “It supports our 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.”

Vale is a key supplier of nickel to the Powder Metallurgy industry.

More information www.vale.com