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    VALE3   BRVALEACNOR0

VALE S.A.

(VALE3)
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Vale S A : to pay $2.5 bln to settle liabilities in Mozambique mine corridor

06/08/2021 | 06:41pm EDT

RIO DE JANEIRO, June 8 (Reuters) - Miner Vale SA will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor (CLN) that serves a coal mine in Mozambique, the company said in a securities filing on Tuesday.

With the payment, scheduled for June 22, Vale said it will have fulfilled all the conditions for completion of its purchase of Mitsui & Co Ltd's stake in the Moatize mine and the logistics corridor.

Payment was necessary as the project finance conditions did not allow Mitsui to sell its stake, Vale's press office explained.

Brazil's Vale announced in January that it was buying out minority stake partner, Japan's Mitsui & Co, in the Mozambique mine and port project, ahead of selling the loss-making asset as it works to become carbon neutral by 2050.

"With the simplification of governance and asset management, Vale continues the process of responsible divestment of its participation in the coal business, based on preserving the operational continuity of the Moatize mine and CLN," Vale said on Tuesday.

With the closing of the acquisition of Mitsui's stake, Vale said it will start consolidating the Moatize mine and CLN in its financial statements.

According to the company, its EBITDA will no longer be burdened with costs related to debt service, investment in maintenance of operations and others charges that in 2020 impacted its earnings before interest, tax, depreciation and amortization by about $300 million. (Reporting by Marta Nogueira; Editing by David Gregorio)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MITSUI & CO., LTD. 0.34% 2536.5 End-of-day quote.34.24%
VALE S.A. 1.17% 111.4 End-of-day quote.27.39%
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Financials (USD)
Sales 2021 59 407 M - -
Net income 2021 25 370 M - -
Net cash 2021 4 790 M - -
P/E ratio 2021 3,63x
Yield 2021 8,11%
Capitalization 115 B 115 B -
EV / Sales 2021 1,86x
EV / Sales 2022 2,03x
Nbr of Employees 74 316
Free-Float 91,4%
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Number of Analysts 11
Last Close Price 22,47 $
Average target price 25,16 $
Spread / Average Target 12,0%
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Managers and Directors
NameTitle
Eduardo De Salles Bartolomeo Chief Executive Officer
José Maurício Pereira Coelho President & Director
Luciano Siani Pires Executive VP-Finance & Investor Relations
Denis Cuenca Chief Compliance Officer
Lucio Azevedo Independent Director
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