Brazil's Vale sells coal assets to Jindal's Vulcan Minerals for $270 mn

Brazilian mining company Vale has entered into a binding agreement with Jindal’s Vulcan Minerals to sell the Moatize coalmine (Mozambique) and the Nacala Logistics Corridor (straddling Mozambique and Malawi) at $270 million.

Vulcan is a private company and part of $18-billion Naveen Jindal Group. The deal comprises $80 million, which Vale will receive immediately, followed by the balance $190 million at the close of the transaction.

“I am pleased to announce this important step for the responsible divestment of Moatize and NLC (Nacala Logistics Corridor), in a transaction that benefits the communities and governments where those operations are located and offering a