October 4, 2010 / 2:30 PM / 9 years ago

Miner Vale says gets $1 billion loan from Canada bank

SAO PAULO (Reuters) - Brazil’s Vale (VALE.N)VALE5.SA, the world’s largest iron ore miner, said on Monday it received a $1 billion loan from Canadian development bank Export Development Canada, for its operations there.

Vale said in a statement that half of the line of credit would go to financing purchases of supplies. Another $250 million would go toward the development on the Long Harbor nickel refinery and the remaining $250 million would go toward various projects in Ontario.

As part of a plan to diversify its revenue stream away from iron ore, Vale bought Canada’s Inco for $13 billion in 2006, when it was the world’s second-largest nickel producer.

The company has been grappling with a labor dispute with the United Steelworkers union at its Voisey’s Bay operations.

Reporting by Elzio Barreto, writing by Brian Ellsworth, editing by Gerald E. McCormick and Maureen Bavdek

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