By Reuters Staff
2 Min Read
TOKYO (Reuters) - Brazil’s Vale said on Thursday it is buying out minority stake partner, Japan’s Mitsui & Co, in a Mozambique coal mine and port project, ahead of selling the loss-making asset as it works to become carbon neutral by 2050.
FILE PHOTO: The logo of Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, January 10, 2018. REUTERS/Toru Hanai
Vale, the world’s second-biggest iron ore miner, said in a statement it planned to divest its loss-making Moatize coal mine and Nacala Corridor rail and port projects in Mozambique, to focus on its core operations.
Brazil's Vale said on Thursday it is buying out minority stake partner, Japan's Mitsui & Co, in a Mozambique coal mine and port project, ahead of selling the loss-making asset as it works to become carbon neutral by 2050.
Vale SA has hired investment banks Barclays Plc and Standard Chartered to sell its Mozambique metallurgical and thermal coal mine and port project, three sources said on Thursday, as the Brazilian miner works to become carbon neutral by 2050.
Tokyo The Mozambican and Japanese governments will take advantage of President Filipe Nyusi s visit to Japan this week to reactivate the agricultural development project, Pro-Savana.
Pro-Savana is a triangular project between Mozambique, Brazil and Japan, to be implemented along the Nacala Development Corridor in the north of the country. In theory, the project covers some 11 million hectares of land, in 19 districts in Zambezia, Nampula and Niassa provinces.
The idea behind Pro-Savana is to convert peasant subsistence agriculture into commercial agriculture, so that the Nacala Corridor becomes a granary that can feed the country and produce a surplus for export.
Agriculture Minister Jose Pacheco told Mozambican journalists in Tokyo, ahead of Nyusi s arrival, that some of the pillars of Pro-Savana, notably that of agricultural research, are already under implementation.