{"id":11211,"date":"2021-12-22T15:32:29","date_gmt":"2021-12-22T15:32:29","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=11211"},"modified":"2021-12-22T15:05:56","modified_gmt":"2021-12-22T15:05:56","slug":"just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million","title":{"rendered":"Vale to sell Moatize coal mine to Vulcan for $270 million"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Vale (NYSE: VALE) is selling its Moatize coal mine and the Nacala logistic corridor, a multibillion-dollar port and rail project in Mozambique, to Vulcan Minerals (TSX-V: VUL) in a transaction valued at $270 million.<\/p>\n

The Brazilian mining giant said it will receive $80 million immediately and the rest at the close of the deal. There will also be a 10-year royalty contract, it added.<\/p>\n

\u201cThis is another accomplishment on our commitment to reshape our company, focusing on our core businesses,\u201d CEO Eduardo Bartolomeo said in the statement.<\/p>\n

Vale\u2019s move is part of a growing shift away from coal among the world\u2019s biggest mining companies. The fossil fuel is being gradually phased out of the global energy mix as investors increasingly demand environmental commitments from corporate leadership.<\/p>\n

The Rio de Janeiro-based company has set as goal to be carbon neutral by 2050. To reach that target, it plans a 15% reduction by 2035 in so-called scope 3 emissions, those generated when customers burn or process its raw materials. The sale of Moatize is one step towards meeting that goal, it has said.<\/p>\n

The Nacala Logistics Corridor connects the Moatize mine in Mozambique\u2019s north-west Tete province via a 900km rail line to the deep-water port of Nacala in the east, passing through Malawi on the way.<\/p>\n

Lossmaking business<\/b><\/p>\n

The mine, which started production in 2011, has been a source of ongoing problems and losses for Vale.<\/p>\n

The company fully impaired Moatize in 2019, after taking a $2.4 billion charge on the operation in 2016.<\/p>\n

The Moatize mine is expected to reach an annual production rate of 18 million tonnes in 2022. The complex has a capacity of 22 million tonnes of coal a year, including metallurgical and thermal types.<\/p>\n

By<\/b><\/p>\n

Cecilia Jamasmie<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Vale (NYSE: VALE) is selling its Moatize coal mine and the Nacala logistic corridor, a multibillion-dollar port and rail project in Mozambique, to Vulcan Minerals (TSX-V: VUL) in a transaction valued at $270 million. The Brazilian mining giant said it will receive $80 million immediately and the rest at the close of […]<\/p>\n","protected":false},"author":84,"featured_media":11210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-11211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nVale to sell Moatize coal mine to Vulcan for $270 million - Mozambique<\/title>\n<meta name=\"description\" content=\"Vale (NYSE: VALE) is selling its Moatize coal mine and the Nacala logistic corridor, a multibillion-dollar port and rail ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vale to sell Moatize coal mine to Vulcan for $270 million\" \/>\n<meta property=\"og:description\" content=\"Vale (NYSE: VALE) is selling its Moatize coal mine and the Nacala logistic corridor, a multibillion-dollar port and rail ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-22T15:32:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61c338cfb9002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"536\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Vale to sell Moatize coal mine to Vulcan for $270 million\",\"datePublished\":\"2021-12-22T15:32:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\"},\"wordCount\":302,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61c338cfb9002.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/just-in-vale-to-sell-moatize-coal-mine-to-vulcan-for-270-million\",\"name\":\"Vale to sell Moatize coal mine to Vulcan for $270 million - 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