It is worth to sell 15 to 20% interest in coal operations

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Vale to sell 15% to 20% interest in coal operations - Energy Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Jobs |Dining Club
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Brazilian mining company Vale is planning to sell an approximately 15% to 20% stake in its coal operations, as well as projects and mines in Australia and Mozambique to strategic partners, aimed to cut surging operational costs.

The company also has plans to divest its interest in an ailing Brazilian steel plant, which is majority-owned by German conglomerate ThyssenKrupp AG.

Vale fertilizer and coal operations Roger Downey told The Wall Street Journal that the company has confidentiality agreements with several interested parties and is targeting users and buyers of coal who can improve the company's access to the main markets.

"What we're trying to do is to unlock a lot of value we have in this business by bringing in joint-venture partners," Downey added.

Meanwhile, Vale will invest approximately $2.83bn in its coal business in 2014, mainly to expand the operation at Moatize as well as to complete building major railway and port infrastructure in Mozambique's Nacala corridor.

Further, the company is also in talks with Glencore Xtrata for the two companies to integrate their nickel operations in Canada's Sudbury basin.

Earlier this week, the company noted that it is seeking to sell about half of Vale's 70% stake in the Nacala project.

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Related Dates
2013> December

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Energy and Utilities> Commodity> Coal
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