Miner Vale SA says it will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor that serves a coal mine in Mozambique.Vale says it will have fulfilled all the conditions for completion of its purchase of Mitsui & Co Ltd’s stake in the Moatize mine and the logistics corridor.Vale’s press office explained that Payment was necessary as the project finance conditions did not allow Mitsui to sell its stake.Vale says it will start consolidating the Moatize mine and CLN in its financial statements.Vale says its EBITDA will no longer be burdened with costs related to debt service, investment in maintenance of operations and others charges that in 2020 impacted its earnings before interest, tax, depreciation and amortization by about $300 million.
Miner Vale SA says it will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor that serves a coal mine in Mozambique.Vale says it will have fulfilled all the conditions for completion of its purchase of Mitsui & Co Ltd’s stake in the Moatize mine and the logistics corridor.Vale’s press office explained that Payment was necessary as the project finance conditions did not allow Mitsui to sell its stake.Vale says it will start consolidating the Moatize mine and CLN in its financial statements.Vale says its EBITDA will no longer be burdened with costs related to debt service, investment in maintenance of operations and others charges that in 2020 impacted its earnings before interest, tax, depreciation and amortization by about $300 million.
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