Vale buys Mitsui's stake in African coal mine for $2.5 billion
(Kitco News) - Vale said Wednesday that it will pay $2.5 billion for Mitsui's stakes in the Moatize coal mine and the Nacala Logistics Corridor, a 912-km railway line.
In April Mitsui announced it is exiting the coal business and Vale would be taking the stake. Vale said the payment is part of its steps towards exiting the coal business.
"After the closing, Vale will consolidate the Moatize mine and the NLC in its financial statements. With the simplification of the governance and management of the assets, Vale continues the process of a responsible divestment of its participation in the coal business, based on the preservation of operational continuity of Moatize mine and NLC," wrote Vale in a news release.