With the full debt payment, which is related to financing provided by banks to support the Nacala Logistics Corridor, Vale will be able to meet all conditions to buy Mitsui’s stakes in both the Moatize and Nacala projects, the Brazilian miner said.
London Miner Vale expects to strike a deal to divest its Moatize coal operation in Mozambique by the end of this year, as it moves towards exiting the coal business, a Vale executive told analysts on a Q1 results call April 27.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Over 20 NDAs (non-disclosure agreements) have been signed with interested parties. with a firm intention to bid, said company CFO Luciano Siani.
The company hopes to receive bids or intentions for the coal property by the start of the second half and to sign a deal before year-end if we re a little lucky, Siani said.
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âVale Pulling Out - This is the End of Coalâ 26 January 2021
Vale is pulling out of Tete as part of its climate emergency commitment to end coal production. Several announcements last week set out a complex planned withdrawal. Vale announced on 20 January that to allow the Japanese company Mitsui to leave the project, buying its 15% of the Moatize coal mine and its 50% of the 900 km railway and port facilities Nacala Logistics Corridor, for $1. But it will take on Mitsui s $2.5 bn debt. The new wholly owned company will only mine high quality coking coal, and hopes to mine 15 mn tonnes this year and 18 million tonnes next year. But the announcement stressed that Vale wants to disinvest from all coal productionâ¦To mine coking coal large amounts of cheaper thermal coal must be removed. When these mines opened, the the