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UPDATE 1-Brazil's Vale to sell Colombian coal assets
May 28, 2012 / 12:52 PM / in 6 years

UPDATE 1-Brazil's Vale to sell Colombian coal assets

SAO PAULO, May 28 (Reuters) - Brazilian miner Vale said on Monday it agreed to sell its coal assets in Colombia to CPC, a unit of Colombian Natural Resources, for $407 million.

The deal is subject regulatory approval.

Vale, the world’s second-biggest miner, said it will sell 100 percent of its thermal coal mines El Hatillo and Cerro Largo in the department of Cesar, and its port terminal Sociedad Portuaria Rio Córdoba on the Atlantic coast.

Vale will also sell its 8.43 percent participation in the Ferrocarriles Del Norte de Colombia railway that holds the concession to operate the railway between the mines and the terminal.

The company said the sale is part of Vale’s plan to optimize its asset portfolio.

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