Brazilian miner and iron ore producer Vale announced this week it concluded the sale of a stake in Mozambique's Moatize coal project to Mitsui & Co Ltd. The Japanese company bought 15 percent of Vale’s 95 percent stake in Mozambique's Moatize coal mine.
Additionally, Mitsui & Co will also own 50 percent of Vale’s 70 percent stake in the Nacala logistics corridor.
Vale said it received on Monday an initial payment of $733 million, out of a total of $770 million for the deal. Vale added the rest of the payment will be paid after the financing for the project is completed.
Vale also announced a new CEO Monday, Fabio Schvartsman, a commodities industry veteran.
Schvartsman, the former CEO of Klabin SA, Brazil's largest paper and cardboard producer, was not mentioned by media reports as a potential replacement for former CEO Murilo Ferreira.