The completion of Mitsui´s exit is expected throughout 2021
Vale signs a definitive agreement with Mitsui to acquire its stake in Moatize mine and NLC. (Credit: Nyamdorj from Pixabay)
Vale S.A (“Vale”) informs that on this date it signed an Investment Agreement with Mitsui & Co., Ltd (“Mitsui”), for the acquisition by Vale of the totality of Mitsui´s interest of the Moatize coal mine (“Moatize mine”) and in the Nacala Logistics Corridor (“NCL”). The completion of Mitsui´s exit is expected throughout 2021, subject to usual conditions precedent in this sort of transaction, as informed in the press release of the Heads of Agreement execution, on January 20th, 2021.
The signing of the definitive agreement with Mitsui, as an initial stage for the divestment of the coal business, is in line with the strategy of discipline in the capital allocation and the simplification of Vale’s portfolio, and reinforces its commitment to the Paris Agreement, as well as Vale’s goal to become a leader in low carbon mining.
Source: Company Press Release