Vale takes out huge loans as emergency financing
The Brazilian mining major will borrow USD 3 billion as emergency financing through credit facilities in order to ensure the company's liquidity, writes the Wall Street Journal.
BY KATRINE GRØNVALD RAUN
Brazilian mining company Vale needs emergency funding, and will now take out a loan of USD 3 billion in order to strengthen liquidity and make payments on bond loans set to expire this month, writes the Wall Street Journal. According to the newspaper, the mining company did not disclose at which interest rate the loan is taken out, but informs that an additional USD 2 billion were made available.
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