said March 31 that its partnerMitsui & Co. Ltd.is not considering revising terms of a coal joint venture in Mozambique, refutingreports published in Brazilian newspaper Valor Econômico.
Citingthe newspaper, Reuters wrote earlier that the Japanese group was mulling over amendingthe terms of a 2014 deal after Vale wrote down US$2.4 billion in assets in the country.Mitsui booked about ¥35 billion lossesin 2015 on its investments in Vale.
In 2014,Mitsui agreed to buy a15% stake in Vale's Moatizecoal project in Mozambique, along with 50% of the miner's 70% equity stake in theNacala Corridor rail and port infrastructure project for a total of US$763 million.
The impairmentsincurred in 2015 do not impact Mitsui's investment decision in the venture, accordingto the regulatory filing from Vale.
Mitsuicontinues to support Vale in project funding discussions with Nexi and JBIC.