World News

Brazil’s Vale agrees to sell 25% stake in China’s Henan Longyu for $152 million

SAO PAULO (Reuters) – Brazilian mining company Vale SA <VALE3.SA> said on Friday it has agreed to sell its 25% stake in China’s Henan Longyu Energy Resources Ltd. to Yongmei Group Co. for about $152 million.

In a securities filing, Vale added the transaction is expected to be concluded in the first quarter of 2020. The company also said the divestiture in Henan Longyu Energy Resources is part of its strategy better allocate capital and streamline its businesses.

(Reporting by Gabriela Mello, editing by Louise Heavens)