Vale Completes Acquisition of Mitsui’s Stake in Moatize Mine and Related Logistics Assets
June 25, 2021
Cleary Gottlieb represented Vale S.A. (Vale) in its acquisition of the totality of Mitsui & Co. Ltd.’s (Mitsui) 15% interest in the Moatize coal mine in Mozambique together with Mitsui’s 50% stake in the related Nacala Logistics Corridor (Nacala) assets in Mozambique and Malawi.
The transaction was completed on June 25, 2021.
Vale acquired Mitsui’s stakes in the mine and logistics assets for nominal consideration, and has repaid the entirety of the outstanding balance of the project finance incurred for the Nacala logistics assets (approximately $2.5 billion). Upon closing of the transaction, Vale became the sole owner of the Moatize mine and the Nacala logistics assets. Vale estimates that future restructuring of the project finance and simplification of the structure will lead to potential annual savings of approximately $25 million.