Vale, partner Mitsui ink $2.7bn Nacala coal corridor funding

Brazil’s largest diversified miner Vale has announced that it, together with its Japanese partner Mitsui & Co, has signed a $2.73-billion funding deal to finance the Nacala Logistics Corridor (NLC), that will connect the Mozambique-based Moatize coal mine, to the Nacala port. Vale said in a press release that the deal included a loan of $1.03-billion from Japan Bank for International Cooperation and another $1-billion from a syndicate of financial institutions.