off-the-wire

Vale Indonesia signs $750 million loan deal with global lenders

Kitco Media
By Reuters
Published:
Updated:
Reuters
Vale Indonesia signs $750 million loan deal with global lenders teaser image

Nickel miner PT Vale Indonesia on Thursday signed a loan deal of $750 million with a number of global lenders to help finance its expansion.

Vale signed the loan agreement with a number of banks including Singapore’s United Overseas Bank (UOB), DBS Bank and Japan’s Mizuho Bank, among others, said Bernardus Irmanto, Vale Indonesia CEO.

The loan is “very critical” to help finance development of Vale’s projects in Bahodopi, Pomalaa and Sorowako, Irmanto said.

The financing is structured as sustainability-linked credit, among the first for a mining company in Asia, said UOB Indonesia chief executive Hendra Gunawan. The deal also includes a $250 million green-shoe option, he added.

(By Fransiska Nangoy; Editing by Keith Weir)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.