Brazil's Vale acquires Mitsui's stake in Mozambique coal mine
Brazil’s Vale has reached an agreement with Japan’s Mitsui to acquire its shares in Moatize coal mine in Mozambique and Nacala Logistics Corridor (NLC).
According to Vale, it was the first move of withdrawing from the coal business. When the acquisition is completed, Vale will begin to give up its coal business, and it will achieve carbon neutrality by 2050.
Vale will acquire Mitsui's shares in mining and logistics assets at a price of US$1 per share. After the transaction, Vale will merge NCL’s all assets and liabilities.
