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Vale suspends coal shipments from Mozambique mines

Apr. 02, 2014 3:49 PM ETVale S.A. (VALE) StockVALEBy: Carl Surran, SA News Editor1 Comment
  • 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.

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