Vale Seeks $500 Million IADB Loan for Argentine Potash Mine
This article is for subscribers only.
Vale SA, the world’s largest iron-ore miner, is seeking $500 million from the Inter-American Development Bank to partially finance its $6 billion potash mine in Argentina, an IADB spokesman said.
The company, based in Rio de Janeiro, has applied for a $200 million loan from the institution and a $300 million loan to be syndicated among banks, Carlos Pauletti, the IADB spokesman for the South Cone, said in a phone interview from Montevideo, Uruguay. Proceeds from the funds will be used in Vale’s Rio Colorado project in the western province of Mendoza, Argentina, he said.