Vale in ‘intense talks’ on possible joint development of Moatize, Nacala
Vale is in “intense negotiations” with a potential partner for the joint development of the Nacala corridor and the Moatize coking coal mine in Mozambique, ceo Murilo Ferreira has said.
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“But I can’t disclose details about what is being said and with whom we are negotiating,” he told journalists in a conference call on Thursday July 31.
The date for the conclusion of the deal is also still unconfirmed.
Vale was expected to announce a partnership to develop the Nacala corridor by the end of June.
The Brazilian miner said in late 2013 that it was looking for partners to help run its coal business, including the Nacala corridor.
The $4.4-billion Mozambican logistics project involves the construction of railway and port infrastructure to connect the Moatize coal site to the Nacala-à-Velha maritime terminal.
Its nominal capacity is estimated at 18 million tpy, with start-up expected in the second half of 2014.
In the meantime, Vale’s Moatize coal project has not been producing at its full capacity of 11 million tpy due to rail and port limitations in Mozambique.