REFILE-Brazil's Vale, investor discuss Mozambique coal asset sale

viernes 5 de diciembre de 2014 09:47 GYT

(In second graf, makes clear stake size mentioned by one source.)

RIO DE JANEIRO Dec 5 (Reuters) - Brazil's Vale SA said Friday it was in negotiations with an investor over the sale of a stake in its Mozambique coal assets, responding to reports it is selling the stake to Japanese trader Mitsui & Co.

On Thursday, Reuters cited two sources as saying Vale was poised to sell a stake in its Moatize coal project in Mozambique to Mitsui. One source said a 15 percent stake would be sold to Mitsui for about $450 million.

Mitsui is also set to acquire 50 percent of the project's rail and port in exchange for future investments, one of the sources said.

Vale said in a statement it was "in continuing negotiations with a potential investor for its coal mining and logistics assets in Mozambique."

It will announce the transaction's details "if and when a deal is reached," Vale said.

Mitsui declined to comment.

Vale executives at an investor event in London Friday said the company would make no further comments on coal at the event. Vale said it would give an update on coal operations Dec. 17.

Vale, which has been hit by a dramatic fall in the price of its key profit driver iron ore, said a year ago it was looking to sell a 15-25 percent stake in its coal assets, spread between Australia and Mozambique.   Continuación...