Bloomberg reports that Vale SA has asked the Inter-American Development Bank for $500 Million to assist in financing a $6 Billion potash mine in Argentina.  This project has the potential to produce up to 4.3 million metric tons of potash over a 50-year period.

As quoted in the market report:

The company, based in Rio de Janeiro, has applied for a $200 million loan from the institution and a $300 million loan to be syndicated among banks, Carlos Pauletti, the IADB spokesman for the South Cone, said in a phone interview from Montevideo, Uruguay. Proceeds from the funds will be used in Vale’s Rio Colorado project in the western province of Mendoza, Argentina, he said.

To view the whole Bloomberg report, click here.