Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Mining giant Vale said on Monday it will sell its coal assets in Colombia to CPC, a unit of Colombian Natural Resources, for $407 million.
In a media statement the world’s second-biggest miner, said it will sell 100% 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% participation in the Ferrocarriles Del Norte de Colombia railway that holds the concession to operate the railway between the mines and the terminal.
