September 29, 2016 / 6:36 PM / in a year

Brazil's Vale agrees to new terms with Mitsui for Mozambique coal asset

RIO DE JANEIRO, Sept 29 (Reuters) - Brazilian miner Vale SA said on Thursday it has agreed to new terms with Japan’s Mitsui & Co for the sale of a stake in its Moatize coal mine and connected railway in Mozambique.

Under the new terms, Mitsui will contribute up to $450 million for a 15-percent stake in the mine and $348 million for a 50-percent stake in assets related to the Nacala Corridor, a railway and port connected to the mine. (Reporting by Stephen Eisenhammer; Editing by Lisa Shumaker)

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