STXNEWS LATAM-Brazil's BNDES approves $2.86 bln loan for Vale project

Tue Apr 15, 2014 9:01am EDT

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Brazil's national development bank BNDES has approved a 6.2 billion reais ($2.86 billion) loan for mining company Vale SA's expansion of the Carajas iron ore complex in the Amazon region, according to a statement released by the bank on Tuesday.

The financing will help fund a new unit at the complex that will boost iron output by 90 million tonnes per year and expand a railway in Para state, BNDES said. The project is expected to start operating in 2016.

($1 = 2.165 reais)

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