Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030.
As a first step toward divestment of its coal business, Vale has signed a heads of agreement with Japanese company Mitsui, allowing both parties to structure Mitsuis exit from the Moatize coal mine in Mozambique, controlled by Vale, and the related Nacala Logistics Corridor (NLC), Vale said in a statement.
After a financial restructuring of these assets, Vale will seek a third-party buyer for them, it said.
Vale said the transaction was in line with its focus on its core businesses and ESG agenda. Vale currently vies with Rio Tinto for the position of the wo…
Read the full article at: https://www.hellenicshippingnews.com/vale-to-exit-coal-business-buys-mitsuis-moatize-stake-in-restructuring/