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Brazil's Vale sells Colombia coal assets to Goldman

Tuesday, May 29, 2012

Brazilian miner Vale said it agreed to sell its thermal coal assets in Colombia for $407 million to a unit of Colombian Natural Resources, a mining company controlled by US investment bank Goldman Sachs.Vale, the world's second-biggest miner, is shifting its focus away from thermal coal mining to concentrate on its operations in coking coal, a type of coal used by steel mills

Under the agreement, Vale, will sell 100 percent of its coal mines El Hatillo and Cerro Largo in the department of Cesar.

Source: Reuters