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.
