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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Vale S.A.    VALE3   BRVALEACNOR0

VALE S.A.

(VALE3)
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Brazil's Vale hires banks to sell coal assets in Mozambique - sources

01/21/2021 | 11:36am EST

LONDON/TORONTO, Jan 21 (Reuters) - Vale SA has hired investment banks Barclays Plc and Standard Chartered to sell its Mozambique metallurgical and thermal coal mine and port project, three sources said on Thursday, as the Brazilian miner works to become carbon neutral by 2050.

Vale joins top miner BHP and others who are keen to shed coal, burnt to produce electricity, as global investors ditch holdings in polluting fossil fuels.

Vale, the world's second-biggest iron ore miner, on Thursday agreed to buy out its minority partner in the loss-making Moatize coal mine and Nacala Corridor rail and port projects in Mozambique ahead of a planned sale.

It is unclear what the assets might fetch, the sources said, declining to be identified as the discussions are confidential.

Vale, Barclays and Standard Chartered declined to comment.

In 2019, Vale slashed its valuation of the assets due to technical and operational issues.

The miner's coal division posted a loss of $213 million in adjusted earnings before interest, tax, depreciation and amortization in its most recent quarterly result.

The operations are expected to reach 15 million tonnes a year in the second half and 18 million tonnes a year in 2022, according to Vale.

Vale and its advisers are expected to target companies in India and China, including state-backed metals trader China Minmetals Corp as well as India's JSW Steel Ltd and state-owned Steel Authority of India Ltd

China produces and consumes about half of the world's coal and is planning to allow more provinces to start building coal power plants starting in 2023.

A diplomatic row has resulted in an effective ban on China's imports of Australian coal, meaning the country is eager to find other sources of import, one of the sources said.

India is the world's second-largest coal importer after China.

(Reporting by Jeff Lewis and Clara Denina; additional reporting by Helen Reid in Johannesburg; Editing by Lisa Shumaker)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.09% 161.34 Delayed Quote.9.99%
BHP GROUP 1.95% 50.09 End-of-day quote.18.05%
JSW STEEL LIMITED 2.29% 404.85 End-of-day quote.4.53%
STANDARD CHARTERED PLC 1.73% 470.1 Delayed Quote.0.88%
STEEL AUTHORITY OF INDIA LIMITED 2.48% 78.4 End-of-day quote.5.80%
VALE S.A. 4.28% 98.57 End-of-day quote.12.72%
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Financials (USD)
Sales 2020 38 551 M - -
Net income 2020 8 183 M - -
Net Debt 2020 2 649 M - -
P/E ratio 2020 12,2x
Yield 2020 3,69%
Capitalization 89 626 M 90 681 M -
EV / Sales 2020 2,39x
EV / Sales 2021 1,64x
Nbr of Employees 79 646
Free-Float 87,8%
Chart VALE S.A.
Duration : Period :
Vale S.A. Technical Analysis Chart | VALE3 | BRVALEACNOR0 | MarketScreener
Technical analysis trends VALE S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 20,83 $
Last Close Price 17,47 $
Spread / Highest target 49,8%
Spread / Average Target 19,2%
Spread / Lowest Target 2,27%
EPS Revisions
Managers and Directors
NameTitle
Eduardo Bartolomeo Chief Executive Officer
Luciano Siani Pires Executive Director-Finance & Investor Relations
José Maurício Pereira Coelho Chairman
Denis Cuenca Chief Compliance Officer
Oscar Augusto de Camargo Filho Director
Sector and Competitors
1st jan.Capitalization (M$)
VALE S.A.12.72%86 944
FORTESCUE METALS GROUP LIMITED-3.20%57 240
KUMBA IRON ORE LIMITED3.40%13 709
NMDC LIMITED15.03%5 026
FERREXPO PLC18.61%2 743
HBIS RESOURCES CO., LTD.2.85%2 584