Deals
Vale to Sell Mozambique Coal Business, Advancing Divestment Plan
- Iron ore miner sold assets from manganese to steel in 2021
- Exit of Moatize eliminates cash drain, highlights ESG effort
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Vale SA moved to exit its coal business, furthering a strategy of shedding non-core businesses seen as drains on cash and shifting to lower-carbon assets.
The Brazilian iron ore giant said Tuesday that it agreed to sell its mine and export railway in Mozambique to Vulcan Minerals, part of India’s Jindal Group, for $270 million plus a 10-year royalty deal.