Vale Gets Japan Financing Support for Projects

Brazilian mineral major, Vale signed agreement with Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) on Wednesday in Tokyo for financing of mining, logistics and power generation projects and loan insurance. JBIC finances up to US$ 3 billion to support Vale’s project while NEXI provides loan insurance in an amount not exceeding US$ 2 billion. Vale also signed memorandum of understanding with Japan Oil, Gas and Metals National Cooperation (JOGMEC) on mutual cooperation for technology development for exploration of natural resources in Africa. CEO Roger Agneli of Vale emphasized the firm tries to meet strong market through US$ 59 billion investment in 5 years at the signing ceremony. He expressed appreciation to Japanese support and said the firm tries to do best to meet Japanese expectation. Japanese minister Akira Amari of Economy, Trade and Industry said he expects the new partnership with Vale would result in securing mineral resources for Japan. He emphasized the new partnership could realize potential joint development in third country based on long term relationship in Japan and Brazil. Governor Koji Tanami of JBIC said the agreement could support Japanese resource procurement and better competitiveness of Japanese companies. Chairman Hidehiro Konno of NEXI said NEXI and JBIC support such Vale’s projects as potentiality of participation of Japanese companies and better Japanese resource procurement. President Hirobumi Kawano of JOGMEC said the partnership could result in closer cooperation with Vale.