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Vale, Mitsui agree to new terms for Mozambique coal assets

Vale SA's board has approved the new terms related to the sale of its coal assets in Mozambique to Mitsui & Co. Ltd., the company said in a Sept. 29 release.

Under the new terms, Mitsui agreed to pay up to US$450 million for a stake in the Moatize mine, with US$255 million for 15% of the 95% stake of Vale in the project, and up to US$195 million based on conditions such as the operation's performance.

Mitsui will also pay US$348 million for a 50% stake in the Nacala Logistics Corridor rail and port infrastructure project, to which it will also extend a long-term facility of US$165 million.

Vale expects to receive US$768 million after the completion of the equity transactions, and up to US$2.7 billion upon closing the project financing for the rail infrastructure.

The closing of the stake sale is subject to the successful completion of the project financing, Vale noted.

The mine will pay logistics service tariffs to the NLC to economically support the repayment of the US$2.7 billion project financing package.

In 2014, Mitsui agreed to buy a stake in Vale's Moatize project, along with 50% of the miner's 70% equity stake in the NLC for a total of US$763 million.