Brazil's cash-strapped mining giant Vale has sold four mega freighters to a Chinese consortium for US$423 million, local media reported Wednesday.
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Vale, the world's largest iron ore exporter, announced three weeks ago its intention to sell its remaining 11 Valemax mega freighter ships, in the hope of raising US$1.1 billion.
Valemax ships are a fleet of very large ore carriers owned or chartered by Vale to transport iron ore from Brazil to European and Asian ports, with a capacity of up to 400,000 tons each. The first Valemax vessel was delivered in 2011.
Vale (VALE, quote) is strapped for cash as a result of falling iron ore prices on the international market and the depreciation of the Brazilian real against the U.S. dollar.
The company also faces multibillion-dollar fines for its liability for the Nov. 5 dam collapse that sparked the world's worst mining-related environmental disaster.
In the third quarter of 2015, the mining company reported a loss of 6.66 billion reals (about US$1.75 billion), which forced it to plan to cut back on investments and sell shares.
Content Curiosity of China.org.cn
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