Vale mining hires Barclays and Standard Chartered banks to sell coal assets in Mozambique

MOZAMBIQUE – Vale. SA, world’s largest iron ore producer, has hired investment banks Barclays and Standard Chartered to sell its Mozambique metallurgical and thermal coal mine and port project, have told Club of Mozambique, as the Brazilian miner works to become carbon neutral by 2050. Vale joins top miner BHP BHP.AX, BHPB.L and others who are keen to shed coal, burnt to produce electricity, as global investors ditch holdings in polluting fossil fuels. Vale, the world’s second-biggest iron ore miner, this week agreed to buy out its minority partner in…

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British finance giant Barclays records a 66% drop in half year profits due to COVID-19

GLOBAL – British multinational commercial bank Barclays has suffered a 66% drop in its half year profits due to the unrelenting COVID-19 pandemic which has slowed activities in almost all sectors of the global economy. Barclays said that its profits after taxation dropped to £695 million in the six months ending June 30 from a high of £2.07 billion in the same portion of 2019. The bank’s net profit plunged a further 91 percent to just £90 million in the second quarter after the financial institution suffered a £1.6-billion loss…

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