Brazilian miner Vale has announced plans to restructure the ownership of the loss-making Moatize coal mine as a first step towards exiting the coal business. Vale said on 20 January it had signed a heads of agreement with Japanese trading house Mitsui, allowing both parties to structure Mitsui’s exit from the Moatize coal mine and the Nacala Logistics Corridor (NLC) port and rail project. Vale will acquire Mitsui’s stake in the mine and logistics assets for $1 each, then seek a buyer for the assets, which could interest Indian or Chinese investors.
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