Brazil's Vale plans to fully divest the coal industry

  • Friday, January 29, 2021

  • Keywords:Brazil's Vale
[Fellow]Brazil's Vale plans to fully divest the coal industry to news on the 26th, Brazil's Vale, S.A., in order to fulfill its climate emergency (climate emergency) commitment, plans to withdraw funds from the coal industry.

As part of its climate emergency pledge to end coal production, Vale is planning to exit the Tete project. Last week, Vale made several announcements and announced a series of divestment plans.

Vale announced in an announcement on January 20 that in order to prompt Mitsui to leave the Moatize coal project in Mozambique, the company purchased its 15% stake in the coal mine at a price of $1 per share and A 50% stake in 900 kilometers of railway and port facilities in the Nacala Logistics Corridor. So far, Vale will assume Mitsui's 2.5 billion US dollars of debt. The new wholly-owned company will only mine high-quality coking coal from the Moatize Coal Mine, and plans to mine 15 million tons in 2021 and 18 million tons in 2022. However, Vale specifically emphasized in the announcement that the company hopes to divest from all coal production.

Reuters reported on January 22 that Vale has hired Barclays and Standard Chartered to evaluate its coal mines and coal-related railways and ports, and plans to sell them to Chinese or Indian companies.

  • [Editor:zhaozihao]

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