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Brazilian mining giant Vale SA (VALE, VALE5.BR) on Monday said it has agreed to sell its Colombian thermal coal assets to CPC S.A.S., a unit of privately-held Colombian Natural Resources SAS, for $407 million in cash.
"The sale of the thermal coal in Colombia is part of our continual efforts to optimize our portfolio of assets," the company said in a statement.
The deal is subject to regulatory approvals, Vale said.
Vale's coal assets in Colombia include an integrated mine-railroad-port system, including 100% of the El Hatillo coal mine and the Cerro Largo coal reserves; 100% of the Rio Cordoba port, and an 8.43% equity stake in the Ferrocarriles Del Norte de Colombia SA, or Fenoco, railroad.
-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; email@example.com