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VALE S.A.

(VALE3)
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Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-06-24 pm EDT
74.62 BRL   +2.78%
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Ten percent of workers at Indian-owned Mozambique coal mine are on strike

05/17/2022 | 03:44pm EDT

MAPUTO (Reuters) - Over 500 workers at a coal mine in Mozambique owned by a subsidiary of an Indian company have been on strike for a week, the company said in a statement on Tuesday, hurting coal production at a time of peak coal prices.

The striking workers, who make up around 10% of the 5,300-strong workforce at the Moatize mine in central province of Tete, are demanding compensation from Vulcan following its purchase of the mine from Brazilian miner Vale, Vulcan said.

Vale SA said in December it had agreed to sell the mine in a $270 million deal that included a connected railway corridor to Vulcan Minerals, a subsidiary of India's $18 billion Jindal Group.

"There was no destruction or vandalism of company or private equipment. However, the strike did not follow the legal procedures, because the striking workers did not deliver a prior notice," Vulcan said in a statement.

The statement did not say what steps the company was taking to resolve the issue and by when it foresees an end to the strike, but said it would respond to workers claims by May 20.

"Vulcan reinforces its objective of guaranteeing the continuity of the coal operation in the country," it said, but added that it was not yet possible to estimate the extent of financial loss due to the strike.

The $18 billion Jindal Group also operates Chirodzi coal mine in the Tete province of Mozambique.

(Reporting by Manuel Mucari; Ediitng by Promit Mukherjee and Sandra Maler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
VALE S.A. 2.78% 74.62 Delayed Quote.-6.88%
VULCAN MINERALS INC. 3.39% 0.305 Delayed Quote.-11.94%
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Financials (USD)
Sales 2022 52 703 M - -
Net income 2022 20 521 M - -
Net cash 2022 2 220 M - -
P/E ratio 2022 3,11x
Yield 2022 13,7%
Capitalization 67 659 M 67 659 M -
EV / Sales 2022 1,24x
EV / Sales 2023 1,32x
Nbr of Employees 74 316
Free-Float 88,8%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 14,27 $
Average target price 21,51 $
Spread / Average Target 50,7%
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Managers and Directors
Eduardo De Salles Bartolomeo Chief Executive Officer
Gustavo Pimenta Chief Financial Officer & Investor Relations
José Luciano Duarte Penido Independent Director
Denis Cuenca Chief Compliance Officer
Lucio Azevedo Director
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