April 20, 2021
For Immediate Release To whom it may concern
Mitsui & Co., Ltd.
Mitsui Entered into Definitive Agreement for Moatize Coal and Nacala Infrastructure Projects, and Deconsolidation of Mitsui & Co. Mozambique Coal Finance Ltd. and Mitsui & Co. Nacala Infrastructure Finance Limited
Mitsui & Co., Ltd. ("Mitsui," Head Office: Tokyo, President and CEO: Kenichi Hori), as announced on January 21, 2021 "Mitsui Entered Into Heads of Agreement for Moatize Coal Mine, Nacala Corridor Rail & Port Infrastructure Projects", has entered into a Heads of Agreement ("HoA") with Vale S.A. ("Vale") stipulating the main conditions for the transfer of all of Mitsui's interest and associated loans regarding the Moatize coal mine project ("Moatize Project") and the Nacala Corridor rail & port infrastructure project ("Nacala Project") (Moatize Project and Nacala Project collectively referred to as "the Projects").
Mitsui and Vale have reached an agreement on detailed terms and conditions in line with the HoA and have executed a definitive agreement on the transfer of interests. The transaction is expected to be concluded throughout 2021, following the fulfillment of conditions precedents, including the approvals by the relevant regulatory authorities.
Mitsui plans to liquidate Mitsui & Co. Mozambique Coal Finance Ltd. ("MMCF"), which provides loans for the Moatize Project, and Mitsui & Co. Nacala Infrastructure Finance Limited ("MINFI"), which provides loans for the Nacala Project after the transfer of the loans held by both companies to Vale and the completion of the decrease in paid-in capital for both companies.
A significant impact on financial statements related to this matter is not expected.
1. Overview of MMCF and MINFI (prior to the transfer)
Name of
Mitsui & Co. Mozambique Coal Finance Ltd.
Subsidiary
Head Office
Unit 601 Level 6 Gate Building, Dubai International Financial Centre P O Box 9710 Dubai, United Arab Emirates
Representative | Norimichi Ishizuka, Director | |||||||||
Business | Provision of financing and loan management for the Moatize Project | |||||||||
Date of | April 1, 2015 | |||||||||
Establishment | ||||||||||
Common Stock | US$1,198,396,062.50 | |||||||||
Shareholders | Mitsui & Co. 100% | |||||||||
Name of | Mitsui & Co. Nacala Infrastructure Finance Limited | |||||||||
Subsidiary | ||||||||||
Head Office | Unit 601 Level 6 Gate Building, Dubai International Financial Centre | |||||||||
P O Box 9710 Dubai, United Arab Emirates | ||||||||||
Representative | Norimichi Ishizuka, Director | |||||||||
Business | Provision of financing and loan management for the Nacala Project | |||||||||
Date of | December 14, 2015 | |||||||||
Establishment | ||||||||||
Common Stock | US$407,011,838.00 | |||||||||
Shareholders | Mitsui & Co. 100% | |||||||||
2. Financial results for the past three years | ||||||||||
Mitsui & Co. Mozambique Coal Finance Ltd. | (Millions of Yen) | |||||||||
Fiscal year | FYE 2018/03 | FYE 2019/03 | FYE 2020/03 | |||||||
Net assets | 49,446 | 55,942 | 43,746 | |||||||
Total assets | 49,494 | 55,946 | 43,802 | |||||||
Net income attributable to | 3,000 | 4,314 | (8,179) | |||||||
owner of the parent | ||||||||||
Mitsui & Co. Nacala Infrastructure Finance Limited | (Millions of Yen) | ||
Fiscal year | FYE 2018/03 | FYE 2019/03 | FYE 2020/03 |
Net assets | 22,523 | 26,362 | 26,784 |
Total assets | 22,523 | 26,458 | 26,798 |
Net income attributable to | (1) | 80 | 1,273 |
owner of the parent | |||
3. Dates
Plan to liquidate promptly after the related procedures are completed (scheduled for 2022)
4. Impact on Mitsui's consolidated financial statements A significant impact is not expected.
For further information, please contact:
Mitsui & Co., Ltd. | |
Investor Relations Division | Tel: +81-3-3285-7657 |
Corporate Communications Division | Tel: +81-80-5912-0321 |
Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements. This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.
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Mitsui & Co. Ltd. published this content on 20 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 05:09:01 UTC.