Ex-Im Bank to offer US$1 bln funding to Brazilian miner

SEOUL, Nov. 20 (Yonhap) -- The Export-Import Bank of Korea (Ex-Im Bank) said
Thursday it has agreed with leading Brazilian iron ore miner Vale to provide up
to US$1 billion to finance its overseas resource development efforts.
Under the pact, Ex-Im Bank will share information on mining projects with the
world's second-largest miner and offer as much as $1 billion in funding for a
joint project with a Korean firm, the lender said in a statement.
"Ex-Im Bank expects more local companies to actively participate in mining
businesses in South America following the deal," said a bank official.
Vale, which supplied the bulk of Brazil's iron ore exports to South Korea last
year, will spend $60 billion on worldwide mining projects over the next five
years, the bank said.
South Korea imported 46.2 million tons of iron ore in 2007, to which Brazil
contributed 23 percent, the second-largest exporter after Australia, according to
the bank.
pbr@yna.co.kr
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