Vale sold its thermal coal assets in Colombia to CPC S.A.S., an affiliate of Colombian Natural Resources S.A.S., for US$407 million in cash. The thermal coal operations in Colombia constitute a fully-integrated mine-railway-port system consisting of a coal mine and a coal deposit, a coal port facility and an equity participation in a railway connecting the coal mines to the port.
The conclusion of the sale of thermal coal operations in Colombia is part of Vale's continuous efforts to optimize the asset portfolio. Vale previously announced that it would sell off its thermal coal assets and focus more on the production and sale of metallurgical coal for the steelmaking industry.