Vale will pay off a debt to banks of US$2.5 billion (two billion euros) related to investments in Mozambique to move forward with the sale of the coal business in the country, it announced in a statement. The concessionaire companies of the Nacala Logistics Corridor sent an “irrevocable” note to the banks involved in the project finance on Tuesday to settle the remaining amount on June 22, Vale announced, thus concluding the acquisition of Mitsui’s share. in the enterprise. The logistical corridor covers more than a thousand kilometers of railway and a port, in Nacala, for the export of coal extracted in Moatize, in the interior of Mozambique. The agreement with the Japanese firm Mitsui was announced in January, as part of the Brazilian mining company’s process of abandoning coal exploration, invoking a turnaround with environmental concerns. “With the simplification of governance and asset management, Vale continues the process of responsible divestment of its participation in the coal business, guided” by “preserving the operational continuity of the Moatize mine and the Nacala Logistics Corridor ” Vale said in the statement. The multinational is looking for a buyer for the operation in Mozambique and intends to deliver the mine with greater production capacity after works carried out in recent months. Coal is one of Mozambique’s main export products and Vale employs around 8,000 people, close to 3,000 of its own workers and the remaining subcontractors. (Lusa) Source: Carta de Moçambique
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