Sunday, May 22, 2022
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home in Southern Africa

Vale to pay $2.5 billion to settle liabilities in Mozambique mine corridor

by SAT Reporter
June 12, 2021
in in Southern Africa, Just In, Mozambique
0
Vale to pay $2.5 billion to settle liabilities in Mozambique mine corridor
0
VIEWS

(The Southern African Times) – Miner Vale SA will settle in advance liabilities of around US$2.5 billion related to the project finance for the Nacala logistic corridor (CLN) that serves a coal mine in Mozambique, the company said in a securities filing on Tuesday.

With the payment, scheduled for June 22, Vale said 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.

Payment was necessary as the project finance conditions did not allow Mitsui to sell its stake, Vale’s press office explained.

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

“With the simplification of governance and asset management, Vale continues the process of responsible divestment of its participation in the coal business, based on preserving the operational continuity of the Moatize mine and CLN,” Vale said on Tuesday.

With the closing of the acquisition of Mitsui’s stake, Vale said it will start consolidating the Moatize mine and CLN in its financial statements.

According to the company, 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.

Previous Post

Australia’s Sandfire awards $496 million mining contract at new Botswana copper mine

Next Post

Ethiopia postpones vote in two regions citing irregularities

SAT Reporter

Related Posts

Trudeau to ban China’s Huawei from 5G in Canada
Business

Trudeau to ban China’s Huawei from 5G in Canada

by SAT Reporter
May 20, 2022
Rwanda to get first batch of asylum seekers from UK this May
Immigration

Rwanda to get first batch of asylum seekers from UK this May

by SAT Reporter
May 20, 2022
Africa CDC warns possible new COVID-19 variant amid spike in new cases

Africa CDC warns possible new COVID-19 variant amid spike in new cases

by SAT Reporter
May 20, 2022
Feature: The Birth of a Start-Up Support System in Burkina Faso
African Start ups

Feature: The Birth of a Start-Up Support System in Burkina Faso

by SAT Reporter
May 20, 2022
Ugandan leader’s pro-Putin son touted for presidency, may face tricky ride
Politics

Ugandan leader’s pro-Putin son touted for presidency, may face tricky ride

by SAT Reporter
May 20, 2022
Next Post
Ethiopia postpones vote in two regions citing irregularities

Ethiopia postpones vote in two regions citing irregularities

Premium Content

Zimbabwe’s national airline resumes domestic flights after long break

Zimbabwe’s national airline resumes domestic flights after long break

June 3, 2021

South Africa postpones reopening of schools over safety concerns

June 1, 2020
US tariffs on China are illegal, says world trade body

US tariffs on China are illegal, says world trade body

September 16, 2020

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • BOTSWANA
  • Botswana
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

African business news Africa New Africa News african footballer African investments African manufacturing industry African news African start-up Business Classic Content coronavirus Cyclone Idai Egypt Explore Bali Finance Foods football France Health Hopewell Mauwa kwacha Life Style mali news Market Stories MthuliNcube news Odion Ighalo Oilandgas Pandemic Premium reserve bank of Zambia soccer South Africa Southern African News sports Stay Home United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn Zimbabwe job creation

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?