Anglo secures $644 mln loan for Brazil nickel
RIO DE JANEIRO, Nov 10 (Reuters) - Brazil's Development Bank will lend mining group Anglo American Plc (AAL.L: Quote, Profile, Research) 1.4 billion reais ($644 million), about half the amount it is investing to expand nickel output, the bank said on Monday.
The cash will be used to expand a mine in Barro Alto in the central Goias state and to set up a refinery with a capacity of 36,000 tonnes in the same state.
Anglo American's total investment in the projects will be 3.1 billion reais ($1.42 billion).
"The undertaking will enable the company to consolidate its position among the big global nickel producers," the bank said in a statement.
Nickel is mainly used for production of stainless steel. World production is around 1.5 million tonnes and Brazil is the seventh largest producer. Its price has fallen to about one quarter of the peak of more than $50,000 a tonne it hit in May of last year. (Reporting by Denise Luna; Translated by Peter Murphy; Editing by Walter Bagley)
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