This is excellent news as it shows there is a lot of demand for the company's debt. They can now borrow more cheaply than the Brazilian government and for less than two percentage points more than the U.S. government; we've never seen this in Brazil.

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CVRD is investing in projects such as nickel to diversify its portfolio, as we see a trend where large miners are investing in non-ferrous commodities... as prices are high and stocks are low due to an increase in demand, pushed mostly by China.

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