Vale suspends coal shipments from Mozambique mines

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale (VALE +3.9%) says it has suspended coal shipments from its mines in Mozambique after a Vale train carrying coal from the Moatize mining complex to the Indian Ocean port of Beira came under gunfire in an attack authorities are blaming on a former rebel group.

Portuguese-speaking Mozambique is the biggest destination for Vale's investments after Brazil, receiving 22% of the company's capital expenditures; Vale plans to spend ~$2B through 2015 digging a second coal pit at Moatize and aims to finish its $4.44B logistics corridor to the Nacala port by the end of this year.