VALE - Vale to exit unprofitable Mozambique coal mine railway

Vale (VALE) says it is buying out minority stake partner Mitsui (MITSY) in a Mozambique coal mine and port project for $1 each, and plans to sell the assets as it works to become carbon neutral by 2050.Vale says it will seek to divest the loss-making Moatize coal mine and Nacala Corridor rail and port projects in Mozambique to focus on its core operations.Vale fully impaired the assets in 2019 due to technical and operational issues and said it would revise its mining plan and overhaul its processing plants, before the plans were disrupted by COVID-19.The company expects the operations will resume their ramp-up this year to reach a production rate of 15M metric tons/year in this year's H2 and 18 M mt/year in 2022.Vale could see more than $500M in revenues from nickel supplied to electric vehicles within a few years, Damien Robbins writes in an analysis posted on Seeking

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Vale to exit unprofitable Mozambique coal mine, railway