Vale to transfer 15 percent stake in Moatize coal mine to Mitsui

Friday, 30 September 2016 17:07:34 (GMT+3)   |   Istanbul
       

Brazilian miner Vale has announced the approval of new terms relating to its transaction with Japan-based Mitsui & Co., Ltd. (Mitsui) regarding divestment of part interest in the Moatize coal mine and the Nacala Logistics Corridor (NLC), both in Mozambique.

Accordingly, Mitsui has agreed to pay $255 million for a 15 percent stake in the coal mine, in which Vale currently holds a 95 percent stake, and an additional contribution of up to $195 million based on meeting certain conditions, including mine performance. In addition, Mitsui will contribute $348 million for a 50 percent stake in the equity and quasi-equity instruments of the Nacala project and it will also provide a long-term facility of $165 million to the Nacala project. Vale expects to receive $768 million after the completion of the equity transaction with Mitsui.

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