Vale secures $3bn credit line
RIO DE JANEIRO – Brazilian miner Vale said on Friday it secured a $3-billion revolving credit facility for a term of five years.
The credit line, which was signed with a group of 24 global banks, replaces a previous facility for the same amount secured in 2011.
Vale said in the statement it also has another credit facility for an additional $2-billion. The company has seen its free cash flow eroded by the falling price of iron-ore.
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