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Vale secures US$2.73B project finance facility for Nacala Logistic Corridor

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Vale secures US$2.73B project finance facility for Nacala Logistic Corridor

Vale SA said Nov. 27 that the Nacala Logistic Corridor companies signed binding financing contracts that will raise US$2.73 billion for the logistic corridor project.

The financing includes US$1.03 billion from Japan Bank for International Cooperation, a US$1 billion loan insured by Nippon Export and Investment Insurance from a group of banks, a US$400 million loan insured by Export Credit Insurance of South Africa Ltd. from South African banks, and US$300 million from the African Development Bank.

Nacala Logistic Corridor aims to link Vale's Moatize coal mine in Mozambique to the Nacala-à-Velha terminal, where the miner will build a deepwater seaport. According to Vale, the funding completes the planned investment structure to support the logistic corridor's ramp up to full capacity.

The facility will be repaid in 14 years using Nacala Logistic Corridor's proceeds from tariffs related to coal transportation and general cargo services. The completion of the transaction and drawdown of proceeds remain subject to customary conditions.

The other partners for Moatize are Mitsui & Co. Ltd. and the government of Mozambique.