December 17, 2015 / 9:32 PM / 4 years ago

African Development Bank approves loan for Vale Nacala rail plan

RIO DE JANEIRO, Dec 17 (Reuters) - The African Development Bank approved a plan to provide as much as $300 million to help Brazilian mining company Vale SA finance the expansion of the Nacala logistics corridor in East Africa, Vale said in a statement on Thursday.

The Nacala corridor links areas in Zambia, Malawi and Mozambique with the port of Nacala on Mozambique’s Indian Ocean coast and will help Vale move coal from its Moatize coal mine in Mozambique to markets around the world.

Japanese trading group Mitsui Co also owns a 15 percent stake in the Nacala corridor project.

Reporting by Jeb Blount; Editing by Tom Brown

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