Vale signs deal to buy Mitsui's stake in Mozambique coal business

Brazil-based miner Vale and Japanese trading company Mitsui have signed a heads-of agreement to take the first step toward exiting their investment in the Moatize coal mine and the Nacala Logistics Corridor (NLC) in Mozambique, Vale said on Wednesday January 20.

The heads-of agreement said that Vale would acquire Mitsui's 15% stake in the mine as well as 50% in equity and minority credits of the logistic assets, for $1 each. This transaction was expected to be completed this year, Vale added.
The Brazilian producer of steelmaking raw materials and base metals will initially consolidate all of the assets and liabilities in Mozambique - including $2.5 billion in project finance - with the intention to divest the whole business so it can follow its plan to become carbon-neutral by 2050.

"[That process] will be guided by preservation of the operational continuity of the Moatize mine and the NLC,...

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