Vale to draw $5 billion from credit lines, help suppliers

Vale recently placed its Voisey’s Bay nickel mine in Labrador (pictured) on care and maintenance. Credit: Wikipedia

Brazilian miner Vale SA has announced it will draw $5 billion from its revolving credit lines to strengthen its liquidity due to the coronavirus pandemic.

The company also announced an emergency aid package to its suppliers, paying in advance 160 million reais ($31 million) to its mid-sized and small suppliers.

Vale said it will pay more than 1,000 suppliers before they are due to help the companies deal with the sharp fall in economic activity. Construction workers in projects the company has suspended will still be paid, Vale said.

($1 = 5.1429 reais)

(By Luciano Costa and Tatiana Bautzer; Editing by Louise Heavens)

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