Brazil’s Vale agrees to new terms with Mitsui for Mozambique coal asset

Vale

Brazilian miner Vale SA said on Thursday it has agreed to new terms with Japan’s Mitsui & Co for the sale of a stake in its Moatize coal mine and connected railway in Mozambique.

Under the new terms, Mitsui will contribute up to $450 million for a 15-percent stake in the mine and $348 million for a 50-percent stake in assets related to the Nacala Corridor, a railway and port connected to the mine.

Source: Reuters