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Brazilian mining giant Vale SA’s aluminum refinery in Barcarena, in the northern Brazilian state of Para, is shown in a file photo.
Brazilian mining giant Vale SA’s aluminum refinery in Barcarena, in the northern Brazilian state of Para, is shown in a file photo.
(© Paulo Santos/REUTERS)

EDC, domestic banks raise financing for Vale

Export Development Canada is joining with large Canadian banks to lend Brazil-based Vale SA $775-million (U.S.) with the aim of adding more Canadian suppliers and services to the mining giant’s business.

The financing facility is comprised of $500-million from the country’s Crown credit agency, and another $275-million from Royal Bank of Canada, Canadian Imperial Bank of Commerce, and Bank of Nova Scotia.