Platts: Vale to offer new type of iron ore to the Market

Vale, the world’s largest iron ore exporter, will offer a new product — Brazilian Blend fines — to its contract customers by this month, a company official said last Thursday. The BRBF, which will have typical iron content of 63.1%, will be a blended product of Iron Ore Carajas fines from the northern system and high silica ores from the southern system, said Cecilia Silva, Vale’s Commercial Marketing General Manager, Iron Ore, at a major iron ore conference in Singapore Thursday.

Brazilian Blend fines will contain typical 1.7% alumina, 4.6% silica, 0.035% sulfur, 0.06% phosphorus, 0.5% manganese, 0.5% and 2% loss on ignition level and will be blended in the distribution center in Malaysia.

A company official from Vale said that BRBF could be offered in the spot market for as soon as this week on either a fixed price of floating price basis.

$3bilion Credit facility granted…

The Brazilian miner said  on Friday it secured a $3-billion revolving credit facility for a term of five years. The credit line, which was signed with a group of 24 global banks, replaces a previous facility for the same amount secured in 2011. Vale said in the statement it also has another credit facility for an additional $2-billion. The company has seen its free cash flow eroded by the falling price of iron-ore.