March 15, 2017 / 9:36 PM / a year ago

Vale to get $733 mln by end of month from Moatize stake sale to Mitsui

SAO PAULO, March 15 (Reuters) - Brazilian mining company Vale SA said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique’s Moatize coal project to Japan’s Mitsui & Co Ltd.

Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded. (Reporting by Marcelo Teixeira; Editing by Bernard Orr)

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