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Vale board to debate sale of part of Mozambique assets to Mitsui on Thursday – Valor
5:34 CAT | 27 Sep 2016
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The board of directors of Brazil’s Vale SA, the world’s largest iron ore exporter, plans to vote on the sale of two important assets at a meeting on Thursday, the Valor Economico daily newspaper said on Tuesday.
The board is expected to approve the sale of part of its giant Moatize coal mine, railway and port project in Mozambique to Japan’s Mitsui & Co, the paper said, without citing sources.
The meeting is also expected to see board members evaluate the sale of Rio de Janeiro-based Vale’s fertilizer assets, Valor reported.
The two transactions have been under discussion for two years as the company tries to raise cash and reduce investment obligations in the face of a sharp decline in world iron ore prices.
The two sales are expected to earn Vale $5 billion by the end of 2017, the paper said.
Source: Reuters
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