Vale announced on September 10 it entered into agreements with The Export-Import Bank of China and the Bank of China Ltd. for financing to build 12 very large, 400,000-dwt ore carriers (Chinamax vessels) at the Rongsheng shipyard in China. The two Chinese financial institutions will provide a credit line of up to $1.229 billion, about 80% of the amount required to fund construction of the vessels.

Meanwhile, Vale announced its offer to buy Brazilian copper refiner Paranapanema S.A. (E&MJ, Sept. 2010, p. 14), subject to the purchase of at least 50% plus one Paranapanema common shares, failed when the number of Paranapanema shares tendered to the offer did not reach the minimum threshold. As a consequence, Vale did not acquire any Paranapanema shares. Vale’s offer was valued at about $1.1 billion.