National and foreign investors interested in Vale’s coal businesses in Mozambique are due to carry out a visit in September to check the real conditions of the projects in question.
After the visit, the interested parties may present their proposals until the end of December.
The conclusion of the entire process of divestment by Vale in Mozambique will be concluded during the course of next year, according to the established timetable.
The information was recently provided by the Minister for Mineral Resources and Energy, Max Tonela.
According to him, after the presentation of firm proposals, the government will intervene in the process to assess the potential of each company and the one that best meets the requirements required by law.
According to the minister, Vale is currently receiving proposals from potential investors that will replace it as operator, after the Brazilian multinational consolidated its position in the business with the departure of Mitsui.
In January, Vale announced it had signed a memorandum of understanding with Japanese partner Mitsui, “allowing both sides to structure the exit of Mitsui from the Moatize coal mine and the Nacala Logistics Corridor (NLC), as the first step for Vale’s divestment from the coal business.
After Mitsui’s exit and until the sale of the operation, Vale sought to preserve the operational continuity of the Moatize mine and the NLC, as well as continuing with the actions of increasing the project’s production capacity and maintaining all commitments to society.
The transaction with Japan’s Mitsui was made for the symbolic price of one dollar per share, but all the associated costs and charges, including an outstanding balance of US$2.5 billion, will pass to Vale.
Vale aims to be carbon neutral by 2050 and to reduce some of its main sources of carbon pollution by 2030. Coal is currently one of Mozambique’s main export products, mainly to the Asian market.
