May 29, 2012
Vale has agreed to sell its Colombian coal operations to Colombian Natural
Vale has agreed to sell its Colombian coal operations to Colombian Natural Resources (CNR) for $407m, it says. The assets include the El Hatillo coal mine and the Cerro Largo coal deposit, as well as an 8.43% equity stake in the Fenoco railroad consortium, and 100% of the Rio Cordoba port concession. CNR will pay cash, and the deal is subject to regulatory approval. Vale had bought the assets from Cementos Argos in 2009 for $306m.