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