Mozambique Mining: Vale SA reinforces Mitsui commitment to Moz coal venture

Mina carvão moatize

Moatize Mine, largest coal mine in Mozambique

Vale SA, the world’s No. 2 mining company, said today that partner Mitsui & Co Ltd has no plans to revise terms of a coal venture project in Mozambique, as reported by a Brazilian newspaper, Valor Economico.

Rio de Janeiro-based Vale said in a securities filing that a recent decision to reduce the accounting value of assets in the project “does not directly impact Mitsui’s investment decision” in the project, adding that both companies are working to conclude long-term financing for the venture.

Earlier in the day, Valor Econômico newspaper reported, citing unnamed sources, that Mitsui was considering revising terms of the venture after Vale booked an asset impairment on the project. (Reporting by Guillermo Parra-Bernal; (Source: Reuters; Editing by Chizu Nomiyama)

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