By Reuters Staff
2 Min Read
RIO DE JANEIRO (Reuters) - Miner Vale SA will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor (CLN) that serves a coal mine in Mozambique, the company said in a securities filing on Tuesday.
With the payment, scheduled for June 22, Vale said it will have fulfilled all the conditions for completion of its purchase of Mitsui & Co Ltd’s stake in the Moatize mine and the logistics corridor.
Payment was necessary as the project finance conditions did not allow Mitsui to sell its stake, Vale’s press office explained.
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Miner Vale SA will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor (CLN) that serves a coal mine in Mozambique, the company said in a securities filing on Tuesday.
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