Vale acquires Mitsui stake in Mozambique coal mine

Vale acquires Mitsui stake in Mozambique coal mine

Debt Corporate & Sovereign Strategy Equity Project & Infrastructure Finance Structured Finance Brazil Latin America

Brazil's Vale said late Wednesday that it agreed to buy stakes in the Moatize coal mine in Mozambique and Nacala Logistics Corridor (NLC) from Japanese trading company Mitsui ahead of the miner's planned exit from the coal sector. Vale signed an agreement with Mitsui to acquire 15% of Moatize and 50% of the NLC for $1.00 each and assume roughly $2.5 billion in project finance debt from the NLC and around $300 million in annual operating expenses at Moatize, the company said in a securities filin

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