Brazilian miner and iron ore producer Vale has reportedly hired Barclays and Standard Chartered to sell its Mozambique coal mine and port project, a media report by Reuters said, citing unnamed sources.
Vale’s potential sale of the Mozambique assets comes after the miner said it would buy Mitsui’s share in the Moatize coal mine, in the Nacala corridor. It remains unclear how much Vale could raise with the Mozambique asset sale.
Separately, Vale said it has not reached a deal with the Minas Gerais state, a court, as well as state and federal entities over a potential Brumadinho settlement.
As previously reported by SteelOrbis, Minas Gerais state was expecting Vale to pay $5.2 billion for a settlement, a value to which Vale has not yet agreed. Vale did not specifically say how much the state asked for a settlement, but the miner said disagreements involve mainly the value the company would have to pay in order to end the case.