Ferrominera Secures $900M China Loan

Venezuelan state-run iron companyFerrominera Orinocohas secured a $900 million loan from China,Reutersreports. About $460 million of the aid is earmarked for production and trade projects.

About 50% of the funding will be used to develop a second pellet plant that will allow Ferrominera to increase output. The credit facility is part of a long-term deal, under which China will provide Venezuela with $20 billion in financing in return for oil.

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