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Vale Takeover Bids to be Known on 1st November. Company Guarantees Deadlines Met in Accordance with Government

Vale Takeover Bids to be Known on 1st November. Company Guarantees Deadlines Met in Accordance with Government

“Vale informs that the process of disinvestment, announced in January this year, is proceeding according to plan, and the company will soon be in a position to publish more concrete and assertive information on the subject,” says a note from the company to Diário Económico, which does not confirm the date of the opening of proposals from the four interested parties in the operation, although it can be said with some certainty that it will take place on 1 November.

Contacted by DE, the Brazilian mining company also said that the process of approval of applications “is taking place in accordance with the schedule established with the Government, with sharing of information and all the necessary authorizations that a process of this nature requires.

The company also did not confirm the number or provenance of those interested in the Tete coal mine and the entire road network linking Tete and the Port of Nacala, which, according to DE, is of strategic value to possible buyers.

“In line with its strategic pillar of the New Compact with Society and as it seeks to conduct a responsible stakeholder search process for the coal business, Vale reinforces its intention to uphold all its commitments to society and stakeholders, including obligations already undertaken in relation to employees and resettled communities.”

The mining company intends to close the process regarding the identification of a buyer for its Moatize coal mine by the end of this year announced recently the CEO of the mining company, Eduardo Bartolomeo. “We have already made some site visits and there are more entities that are scheduled to visit,” the manager said in an interview a few days ago, conducted virtually during the Financial Times Mining Summit.

Vale finished an overhaul at Moatize earlier this year, at this point it is at a rate of 15 million tonnes/year and should receive equipment to upgrade to 18 million tonnes/year by the end of the year. The mine produces metallurgical and thermal coal.

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The Brazilian mining company has been divesting some of its assets, in the production of manganese Ferro-alloy in Minas Gerais state, Brazil, the nickel and cobalt project in New Caledonia and, as we know, Moatize.

Subsequently, the company also plans to divest its stakes in California Steel Industries (CSI) and Companhia Siderúrgica do Pecém (CSP), in the Northeast of Brazil, according to information presented by Bartolomeo at the event.

Despite the sale operation underway, Vale’s operation in Mozambique will remain in operation until 2022, the period of transition from the current management of the operation to the new owner.

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