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Brazil: Vale expects $768mn for mining stakes

By  |  October 2, 2016

Brazilian group Vale expects to receive $768 million dollars from the sale to the Japanese Mitsui & Co of stakes in the Moatize coal mine and Nacala Logistics Corridor in Mozambique, under the new terms of an agreement originally signed in 2014.

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    The new terms, which were disclosed to the market on Thursday, include the payment of $450 million, including $225 million for a 15% stake in the Moatize coal mine, in which the Brazilian mining group owns 95% and an additional payment of up to $195 million, the final amount of which will depend on certain variables.

    In a statement published in Rio de Janeiro, the Mitsui said the new terms of the agreement showed the commitment of both Vale and Mitsui in the transaction and reinforce the efforts of the parties to bring the project to finance the mining and logistics operations to fruition.

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