Japanese trader Mitsui & Co Ltd is considering changing the terms of a 2014 stake purchase agreement with Vale SA in Mozambique after the Brazilian miner wrote off $2.4 billion in assets in the African country, newspaper Valor said on Thursday.
Mitsui had agreed in 2014 to buy stakes in Vale’s Moatize and Nacala projects for $763 million, but no investments have been made so far by Mitsui, according to Valor.
The Japanese trader could reduce the expected investments in the projects and change the terms of a project finance contract, originally expected to reach $2.7 billion, Valor reported.
Representatives with Vale, the world’s largest iron ore producer, were not immediately available to comment.
Source: Reuters
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