Brazil’s Vale said on Thursday it 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.
