March 24, 2020 / 12:09 PM / 5 days ago

Brazil's Vale to draw $5 billion from credit lines, help suppliers- filing

SAO PAULO, March 24 (Reuters) - Brazilian miner Vale SA has announced it will draw $5 billion from its revolving credit lines to strenghten its liquidity due to the coronavirus pandemic.

The company also announced an emergency aid package to its suppliers, paying in advance 160 million reais ($31 million) to its mid-sized and small suppliers. Vale said it will pay more than 1,000 suppliers before they are due to help the companies deal with the sharp fall in economic activity. Construction workers in projects the company has suspended will still be paid, Vale said. ($1 = 5.1429 reais) (Reporting by Luciano Costa; Writing by Tatiana Bautzer, editing by Louise Heavens)

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