Vale SA is tapping into $5-billion in credit lines to boost its cash position as the coronavirus pandemic forces cutbacks at a time when the iron ore producer was working to recover from a dam collapse last year. Vale asked banks to disburse the lines in two tranches, with $2-billion due in June 2022 and $3-billion due in December 2024, according to a statement filed to Brazil’s securities regulator. The company said the decision was made given the risk presented to its business by the pandemic, adding that it’s “prudent” to have more cash in hand “in the next few months.”
