https://www.engineeringnews.co.za

Vale completes Moatize sale to Mitsui, appoints new CEO

28th March 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Brazilian miner Vale has completed the sale of its interest in the Mozambique-based Moatize coal project to Japanese miner Mitsui & Co, receiving an initial payment of $733-million.

A further $37-million will be paid after the financing for the project is concluded, Vale said in a press release issued on Monday.

After about three years of negotiations, Mitsui bought a 15% interest in Vale's 95% share in the coal mine. It is also buying half of Vale's 70% stake in the Nacala Logistics Corridor (NLC) – a railway connecting the mine to the Nacala port.

Vale expects the equity transaction to close by month-end, and to raise up to $2.7-billion upon closing of the project financing before December.

The firms have previously stated that any payments or the conclusion of the deal would only take place once financing for the mine and the transportation system was closed. However, Vale said earlier this month that the two processes are being handled separately.

If the signing of the project financing is not achieved by the end of December, Mitsui has certain rights to transfer their participation in the Moatize coal mine and the NLC back to Vale.

Vale's board also announced on Monday that Fabio Schvartsman has been appointed CEO, to succeed outgoing CEO Murilo Ferreira.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.088 0.895s - 140pq - 2rq
Subscribe Now