Vale’s administrative council approved the issue of at least R$ 1 billion in infrastructure debentures in order to fund the expansion of the Carajás railway, said the mining company in this Wednesday (5).
Accordingly to a press release, the issue will be performed in two series, one with a deadline of 5 years and the other one with 7 seven years. The issue can be increased in R$ 350 million, said the mining company. The issue date will be August the 15th, 2015.
The Ministry of Transports approved Vale’s priority framework in order to issue infrastructure debentures, accordingly to an ordinance issued this Wednesday. The infrastructure debentures have tax incentives and are used as a source of funding for projects.
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Vale’s project expects up to 2017 the duplication of the Carajás railway, which connects the biggest open air iron ore mine in the world, in Carajás, in the southeastern region of the State of Pará, to the Port of Ponta da Madeira, in São Luís (MA).
The issue of debentures will be coordinated by BB Investment Bank, Bradesco BBI and Bank Itaú BBA.
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