Brazilian group Vale completed the sale of its stakes in assets in Mozambique to Japanese group Mitsui & Co, receiving an initial payment of US$733 million, the mining group said in a statement on Monday.
The statement added that the Vale group will receive an additional US$37 million when the financing for the coal project at Moatize, in Tete province, is concluded, with the Japanese group having the option of returning the stake if that does not happen by next December .
After about three years of negotiations, the Mitsui group agreed to buy 15% of the 95% stake owned by the Brazilian group in the Moatize coal mine (the remaining 5% is owned by the Mozambican state) and half of the 50% the Vale group owns in the Nacala Logistics Corridor, which comprises a railroad between Moatize and Nacala and port facilities.
In a statement issued in September 2016, the Vale group had announced it expected to receive US$768 million from the sale of its stake in the Moatize coal mine and the Nacala Corridor to Mitsui & Co, under the new terms of an agreement originally signed in 2014.
Meanwhile, the Vale group appointed a new chief executive, Fabio Schvartsman, to replace Murilo Ferreira.