Deal with Brazilian mining giant also involves RBC, CIBC, Scotiabank.
OTTAWA — A Canadian banking partnership led by Export Development Canada has announced US$775 million in financing for Vale SA, the Brazilian mining conglomerate that is also a major player in Canada.
EDC said the deal includes US$500 million from EDC, with the Royal Bank of Canada, Canadian Imperial Bank of Commerce and the Bank of Nova Scotia providing the remaining US$275 million.
Vale is the largest Brazilian investor in Canada with the former Inco operations.
In 2010, EDC provided a US$1 billion financing facility for Vale, with half earmarked for its global operations and half for Vale’s Canadian operations in Ontario and Newfoundland and Labrador.
Vale also has operations in Manitoba.
EDC is Canada’s export credit agency, providing financing and insurance to help Canadian companies.
© 2014 The Canadian Press