Mitsui to sell stake in Mozambique coal mine to Vale

Carbon neutral: A Vale signage on the floor of the New York Stock Exchange. The world’s second-biggest iron ore miner plans to focus on its core operations. — Bloomberg

TOKYO: Brazil’s Vale is buying out minority stake partner, Japan’s Mitsui & Co, in a Mozambique coal mine and port project, ahead of selling the loss-making asset as it works to become carbon neutral by 2050.

Vale, the world’s second-biggest iron ore miner, said in a statement it planned to divest its loss-making Moatize coal mine and Nacala Corridor rail and port projects in Mozambique, to focus on its core operations.