São Paulo – Mining company Vale of Brazil agreed to sell the entirety of its 25% stake in China’s Henan Longyu Energy Resources to the latter’s parent company the Yongmei Group, in a USD 125 million deal.
The Chinese company operates two coal mines and makes metallurgical and thermal coal out of the Henan province. Henan Longyu is a subsidiary of the Yongmei Group, which in turn is an arm of the Henan Energy and Chemical Industry Group.
The deal is slated for conclusion in Q1 2020 as part of Vale’s strategy to streamline its portfolio and capital allocation.
Translated by Gabriel Pomerancblum
PUBLICIDADE
