Deals
Vale Speeds Up Australia Coal Exit With Second Sale in Month
- Brazilian miner sells Integra to Bloomfield Group, Glencore
- Follows mine sale last month of venture for just a dollar
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Vale SA is exiting its money-losing thermal coal business in Australia, selling a second project in less than a month, as prices for the power-generation commodity dive.
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.