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Bloomberg reported that Vale (NYSE:VALE) has sold its Integra coal mine complex to Bloomfield Group and Glencore (LSE:GLEN), marking its second sale of an Australian thermal coal asset this month.
Bloomberg reported that Vale (NYSE:VALE) has sold its Integra coal mine complex to Bloomfield Group and Glencore (LSE:GLEN), marking its second sale of an Australian thermal coal asset this month.
As quoted in the publication:
The Brazilian miner agreed to sell its Integra coal mine complex to Australia’s Bloomfield Group and Glencore Plc, the buyers said in a statement Tuesday. No financial details were announced. Vale, which had put the project in care and maintenance last year after finding it economically inviable, declined to comment on the details of the transaction, saying it is focusing on top assets.
“There is a strategic shift,” Vale said Wednesday in an e-mailed statement, adding that the company is concentrating on “world class assets with high reserves volume and lower cost potential.”
The divestment follows the sale last month of the Isaac Plains coking and thermal coal mine, a venture between Vale and Japan’s Sumitomo Corp., to Stanmore Coal Ltd. for just a dollar after the project was valued at A$860 million ($610 million) three years ago.