World's largest iron ore producer borrows US$1.2 billion from PRC banks

    October 01, 2010 | BY

    clpstaff &clp articles

    Vale, the world's largest producer of iron ore, has secured a US$1.2 billion shipping loan from Export-Import Bank of China and Bank of China. Vale plans…

    Vale, the world's largest producer of iron ore, has secured a US$1.2 billion shipping loan from Export-Import Bank of China and Bank of China. Vale plans to use the loan to finance the construction of 12 vessels which will be used to transport ore from Brazil to China.

    Norton Rose acted for the lenders with Nigel Ward leading the team from Beijing. Machado Meyer Sendacz Opice advised the banks on Brazilian law, and King & Wood was PRC counsel.

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