The Brazilian mining company Vale is to withdraw from the coal business. The position was advanced by the Minister of Mineral Resources and Energy, Max Tonela, who assured that the process is well underway and that the rights of the population are safeguarded.
It is all a matter of time for the process of withdrawal from the Mozambican market of the Brazilian mining company Vale, involved in coal exploitation in the center of the country for more than 10 years, to be concluded, confirmed the Minister of Mineral Resources and Energy, Max Tonela.
“The first step will be the deal made between the two shareholders, Vale and Mitsui, which will allow Vale to take over 100% of what exists both in the infrastructure component in the Nacala corridor and in the mining sector component, and this step should be closed in the coming weeks,” the minister assured.
The Mozambican Government is aware that Vale has already contracted some investment banks that are assisting in the identification of companies that have the technical and financial competencies to acquire Vale’s participation in the business.
“The government has been monitoring the process, ensuring that the continuity of operations of the Moatize coal mining project and the Nacala corridor are not jeopardized,” the minister assured.
The capital gains will still be subject to an assessment by the Mozambican Tax Authority.
Coal mine in Moatize, operated by Brazilian company Vale, which intends to stop exploring coal in Mozambique, officially to obtain neutrality in its carbon emissions in 2050.
