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Iron ore giant Vale has started divesting its coal business after announcing the carbon-neutral plan

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On January 20, the global iron ore giant Vale of Brazil announced that the company and Mitsui & Co., Ltd. (hereinafter referred to as “Mitsui”) signed an agreement of intent on the same day. According to the agreement, the two parties will orderly promote Mitsui’s Moatize coal mine and the Nacala logistics corridor withdrew.

It is worth noting that this is also the first step Vale has taken to spin off its coal business.

The agreement determined the main terms for Vale to acquire Mitsui’s 15% stake in Moatize Coal Mine, 50% of its stake in the Nacala Logistics Corridor, and all other minority credit bonds. According to the intentional agreement, Vale will acquire Mitsui’s shares in the Moatize Coal Mine and the Nacala Logistics Corridor at a price of US$1.00 per share.

In the past 15 years, Vale has cooperated with the governments of Mozambique and Malawi to mine the Moatize coal mine and develop the 912-kilometer-long Nacala logistics corridor to serve coal transportation.

The goal of both parties is to complete the acquisition in 2021, and the specific completion time depends on the determination of the final agreement and the realization of the prerequisites for the acquisition. After the transaction is completed, Vale will merge the Nacala logistics corridor entity and all its assets and liabilities, including the Nacala financing project, which has an outstanding balance of approximately US$2.5 billion.

Vale said that after acquiring Mitsui’s shares and simplifying the governance structure and asset management process, Vale will start the divestiture of its coal business. By then, Vale will maintain the operations of the Moatize Coal Mine and the Nacala logistics corridor. , Looking for third parties interested in these assets.

Vale stated that it will continue to support the project to reach production capacity while it is diligently looking for investors in the coal business. It said that the two ongoing initiatives at the Moatize Coal Mine will bring sustainable results, including a new mining plan and a new operating strategy for the coal processing plant. The new mining plan calls for prioritizing the mining of ore bodies with better quality and higher stripping ratios in order to improve the quality of the product portfolio while reducing costs.

According to reports, the two existing concentrators at Moatize Coal Mine will restart operations and adopt a new process that has been implemented since November 2020. After the full implementation of the new process, Vale expects that the concentrator will continue to reach production, and its production and operation rates in the second half of 2021 and 2022 are expected to reach 15 million tons/year and 18 million tons/year respectively.

Vale emphasized that as the first step for Vale to divest its coal business, the signing of this intentional agreement is in line with the company’s capital allocation principles and the goal of simplifying its product portfolio while strengthening its commitment to the Paris Agreement.

It is worth mentioning that previously, on May 12, 2020, Vale announced that it would invest at least US$2 billion to achieve a direct and indirect absolute emission reduction of 33% by the end of 2030. Vale also plans to achieve carbon neutrality by 2050 through this plan.

Headquartered in Rio de Janeiro, Brazil, Vale has operations on five continents and is the world’s largest producer of iron ore and pellets and the largest producer of nickel metal. Vale operates a large-scale logistics system in Brazil and other parts of the world, including railways, shipping terminals, and ports, and also has a logistics center to support the global distribution of iron ore.

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The hotel industry in Greece is experiencing a cold winter, and the total hotel business last year fell 78% year-on-year

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Affected by the new crown pneumonia epidemic, the Greek hotel industry suffered heavy losses. The reporter recently visited several hotels randomly on the streets of Athens, most of which were closed. Some hotels that are still reluctantly operating are sluggish.

According to a recent report issued by the Greek Tourism Forecast and Research Institute, the total business volume of hotels in Greece in 2020 will be 1.831 billion euros, which is a 78% drop compared with 8.357 billion euros in 2019. Of the 3,965 hotels operating throughout the year, only 59% (2328) chose to reopen after Greece’s first total blockade in 2020, and 63% of the reopened hotels were forced to reopen before the end of 2020. As of the end of 2020, only 863 hotels in Greece remain in operation throughout the year, accounting for 22% of the total.

Although the Greek government has introduced financial incentives and subsidies to support the hotel industry, Alexandros Vasilikos, chairman of the Hellenic Hotel Association, pointed out that the Greek hotel industry will face many uncertainties and risks in 2021. He emphasized that continuing to strengthen liquidity is what the hotel industry urgently needs to do at present. This is not only related to the interests of the industry itself and employees, but also related to the interests of the Greek national economy and related supporting industries.

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California Disney refunds annual card users, and Paris Disney’s re-opening date is delayed by 48 days

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Recently, according to information released by the Disney Company, Ken Potrock, President of Disneyland Resort (California Disney Resort), said in a statement that due to the ongoing uncertainty of the new coronavirus epidemic and the false news of the reopening of the California Disney Resort, Appropriate refunds will be made for eligible California Disney Resort annual card users, and the current (annual card) plan will be canceled.

It can be seen that due to the impact of the US epidemic, the California Disney Resort has been unable to reopen for a long time. Prior to this, California Disneyland has been “working hard” for the reopening.

On October 21st last year, Disneyland in California announced through the Disney Company: “We have proven that we can responsibly reopen under the science-based health and safety measures that are strictly enforced in theme parks around the world. However. , California continues to ignore this fact and instead requires the state government to know the guidelines that do not work. This makes the standards we meet very different from those of other reopened businesses and state-run facilities. We hope that, together with the union, Let people return to work, but these state government guidelines will keep us closed for the foreseeable future, forcing thousands of people to lose their jobs, cause small family businesses to inevitably close down, and cause damage to Southern California communities Irreparable destruction.”

But in the comments on the news on Twitter, most people believed that under the current conditions, the park should not be reopened.

Up to now, of the six Disney parks in the world, only Shanghai Disneyland, Tokyo Disneyland, and Orlando Disneyland in the United States are open. In addition to Disneyland in California, Hong Kong Disneyland and Disneyland Paris are also closed.

On December 1, 2020, Hong Kong Disneyland Resort announced that in response to the government’s request and in line with the current epidemic prevention measures taken by Hong Kong, Hong Kong Disneyland will be temporarily closed from December 2. Hong Kong Disneyland Resort will maintain close contact with the Hong Kong government and health authorities and will announce the reopening date depending on the situation. This is the third time Hong Kong Disneyland has closed the park since the outbreak of the new coronavirus in 2020.

In addition, Disneyland Paris has also been closed twice.

On October 29, 2020, Disneyland Paris has closed again after reopening on July 15. According to news from the official website of Disneyland Paris, in order to celebrate the Christmas holiday, Disneyland Paris will accept reservations from December 19, 2020, to January 3, 2021, and hopes to open it according to the prevailing situation and government guidance. From January 4th to February 12th, Disneyland Paris will be closed.

But for now, Disney Paris may not be able to reopen as scheduled on February 13.

On January 18th, local time in France, the updated message of Disneyland Paris said: “If conditions permit, we will reopen Disneyland Paris on April 2, 2021, and accept reservations from that date.”

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Many European countries shortage of vaccines and French companies may manufacture rival’s vaccines

About a third of the European Union member states are currently in short supply of the new coronavirus vaccine. Six EU member states sent a letter to the European Commission on the 15th, requesting the European Commission to put pressure on vaccine manufacturers to ensure timely, stable, and transparent delivery of vaccines.

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About a third of the European Union member states are currently in short supply of the new coronavirus vaccine. Six EU member states sent a letter to the European Commission on the 15th, requesting the European Commission to put pressure on vaccine manufacturers to ensure timely, stable, and transparent delivery of vaccines.

French government officials said on the same day that the Sanofi Group, the largest French pharmaceutical company, may produce the new coronavirus vaccine developed by foreign pharmaceutical companies.

 

Complaining about insufficient supply

The new coronavirus vaccine jointly developed by Pfizer Pharmaceuticals and German Biotech will be vaccinated in the EU on a large scale from December 27, 2020. The health ministers of EU member states held a video conference on the 13th of this month to discuss vaccine delivery. A participant told Reuters that about one-third of EU member states complained of insufficient vaccine supplies.

Sweden, Denmark, Finland, Lithuania, Latvia, and Estonia sent a letter to the European Commission on the 15th, requesting the European Commission to put pressure on Pfizer and new biotech companies to ensure timely, stable, and transparent vaccine delivery.

The health ministers of the aforementioned six countries said in the letter: “This situation is unacceptable…not only affects the established vaccination schedule but also undermines the credibility of the vaccination plan.”

The Danish Minister of Health Magnus Hojnik said: “We are racing against the new coronavirus and the more contagious mutant virus… We, therefore, attach great importance to the reduction in vaccine deliveries.”

According to the Finnish Broadcasting Corporation News Department, the delay in vaccine supply will cause difficulties in the distribution of vaccines in Finland between the end of January and the beginning of February.

Italian Covid-19 Emergency Committee Commissioner Domenico Alcuri said that Pfizer will cut the dose of vaccine delivered to Italy by 29% starting on the 18th. The pharmaceutical company did not specify how long the supply reduction will last.

 

Preparing to increase production

Pfizer said on the 15th that in order to achieve the goal of increasing vaccine production, the company has changed its production process, which will “temporarily affect” the vaccine delivery schedule from the end of January to the beginning of February. The German Biotech Company said that the output of the company’s plant in the town of Pierce, Belgium will decline in the next few weeks. The reason for the decrease in output is that the company has changed some production processes to increase production capacity.

The vaccine factory in Pierce Township supplies vaccines to countries and regions outside the United States.

The European Commission, on behalf of EU member states, negotiated vaccine procurement with Pfizer and German Biotech, but it is not responsible for vaccine delivery. According to the contract, Pfizer and German Biotech will supply 600 million doses of vaccine to the EU. The two pharmaceutical companies agreed to deliver 75 million doses of vaccine to the EU in the second quarter of this year or later, but neither mentioned how many vaccines will be delivered in the first quarter of this year.

European Commission President Ursula von der Lein said that she had already had a phone call with Pfizer CEO Albert Bla. Bra “reassured that all vaccines promised to be delivered in the first quarter will be delivered in the first quarter. He personally asked, and will shorten the time for delayed delivery to ensure that they can catch up as soon as possible.”

The population of the EU is approximately 450 million. Two doses of this vaccine are required.

 

Possible to cooperate to increase capacity

In an interview with the media on the 15th, Agnès Panier-Lunache, the ministerial representative of the French economic department in charge of industry, said that the new coronavirus vaccine developed by Sanofi Group, France’s largest pharmaceutical company, will take time to be available. This company may Assist in the production of new coronavirus vaccines developed by other national pharmaceutical companies.

Panier-Lunache said that she discussed the possibility of Sanofi as a subcontractor for other pharmaceutical companies with Sanofi Group. “We are working with them (Sanofi) to consider… They are working with German Biotech and (U.S.) Janssen Pharmaceuticals separately to study whether (cooperation) is possible.”

According to her, the main issue for cooperative production is whether Sanofi has spare capacity to produce vaccines in the next three to five months.

Sanofi Group told Agence France-Presse that Sanofi is evaluating the technical feasibility of temporarily producing vaccines for other pharmaceutical companies, and the discussion is still at a “very early stage.” Sanofi did not mention which companies it cooperates with.

Agence France-Presse reported that a French pharmaceutical subcontractor said it would produce Pfizer-Germany’s new biotechnology vaccine, and another pharmaceutical subcontractor is scheduled to start producing the new coronavirus vaccine developed by Modena in the United States at the end of February or early March.

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