Brazilian mining company Vale may find a buyer for its coal operation in Moatize, Mozambique, by the end of this year, in a continuous move to achieve a leaner portfolio, said Vale CEO Eduardo Bartholomew. “We have already made two visits to the site and there are more people coming to visit us”, said Bartolomeo in an interview a few days ago, carried out virtually during the Financial Times Mining Summit. Vale divested its manganese ferroalloy assets in the state of Minas Gerais, Brazil, two weeks ago, following the divestiture of its nickel and cobalt project in New Caledonia. “Moatize is next” he said. Subsequently, the company also plans to sell its stakes in the steel companies California Steel Industries (CSI) and Companhia Siderúrgica do Pecém (CSP), in northeastern Brazil, according to information presented by Bartolomeo at the event. Vale has divested a chain of coal, fertilizers, potash, steel and other non-essential assets since 2015 and is working on a potential “reform” of its base metals business, which includes copper, nickel and cobalt, according to the executive. “We need to cultivate copper in Brazil,” he said. The biggest iron ore miner hopes to sell its Moatize operation to a “responsible operator”, Bartolomeo said. The current high prices for thermal and metallurgical coal should help the sale, he says. Vale completed earlier this year a refurbishment in Moatize, which is currently producing at a rate of 15 million tons/year and is expected to receive equipment to upgrade to 18 million tons/year by the end of the year. The mine produces metallurgical and thermal coal. Moatize, which Vale opened in 2011, has a total capacity of 22 million tons/year of coal. (Letter) Source: Mozambican Letter

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