Vale to sell stake in Henan Longyu Energy Resources to Yongmei

TAGS

Brazilian mining company has agreed to sell the 25% stake it holds in Chinese miner Henan Longyu Energy to Yongmei Group for CNY1.065 billion (approximately $152 million) as per the latest mining acquisition news.

Henan Longyu Energy has operations in two mines located in the Henan province. The two Chinese coal mines produce nearly 3.4Mtpy of metallurgical and thermal coal.

The transaction will increase the ownership of Yongmei Group, which already has a controlling stake in the Chinese producer. Yongmei Group is a subsidiary of Henan Energy and Chemical Industry Group.

said that the closing of the transaction, which is subject to fulfilling of preceding conditions, is likely to occur in Q1 2020.

The Brazilian mining company said that the deal aligns with its strategy of discipline in capital allocation and rationalization of its business portfolio.

Vale to sell its 25% stake in Chinese coal producer Henan Longyu Energy Resources to Yongmei

to sell its 25% stake in Chinese producer Henan Longyu Energy to Yongmei. Photo courtesy of Анатолий Стафичук from Pixabay.

CATEGORIES
TAGS
Share This