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Main Contents
Mitsui & Co., Ltd. ("Mitsui," Head Office: Tokyo, President and CEO: Kenichi Hori), as announced on January 21, 2021 "Mitsui Entered Into Heads of Agreement for Moatize Coal Mine, Nacala Corridor Rail & Port Infrastructure Projects", has entered into a Heads of Agreement ("HoA") with Vale S.A. ("Vale") stipulating the main conditions for the transfer of all of Mitsui's interest and associated loans regarding the Moatize coal mine project ("Moatize Project") and the Nacala Corridor rail & port infrastructure project ("Nacala Project") (Moatize Project and Nacala Project collectively referred to as "the Projects").
Mitsui and Vale have reached an agreement on detailed terms and conditions in line with the HoA and have executed a definitive agreement on the transfer of interests. The transaction is expected to be concluded throughout 2021, following the fulfillment of conditions precedents, including the approvals by the relevant regulatory authorities.
Mitsui plans to liquidate Mitsui & Co. Mozambique Coal Finance Ltd. ("MMCF"), which provides loans for the Moatize Project, and Mitsui & Co. Nacala Infrastructure Finance Limited ("MINFI"), which provides loans for the Nacala Project after the transfer of the loans held by both companies to Vale and the completion of the decrease in paid-in capital for both companies.
A significant impact on financial statements related to this matter is not expected.
1. Overview of MMCF and MINFI (prior to the transfer)
| Name of Subsidiary | Mitsui & Co. Mozambique Coal Finance Ltd. |
|---|---|
| Head Office | Unit 601 Level 6 Gate Building, Dubai International Financial Centre P O Box 9710 Dubai, United Arab Emirates |
| Representative | Norimichi Ishizuka, Director |
| Business | Provision of financing and loan management for the Moatize Project |
| Date of Establishment | April 1, 2015 |
| Common Stock | US$1,198,396,062.50 |
| Shareholders | Mitsui & Co. 100% |
| Name of Subsidiary | Mitsui & Co. Nacala Infrastructure Finance Limited |
|---|---|
| Head Office | Unit 601 Level 6 Gate Building, Dubai International Financial Centre P O Box 9710 Dubai, United Arab Emirates |
| Representative | Norimichi Ishizuka, Director |
| Business | Provision of financing and loan management for the Nacala Project |
| Date of Establishment | December 14, 2015 |
| Common Stock | US$407,011,838.00 |
| Shareholders | Mitsui & Co. 100% |
2. Financial results for the past three years
Mitsui & Co. Mozambique Coal Finance Ltd.
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(Millions of Yen)
| Fiscal year | FYE 2018/03 | FYE 2019/03 | FYE 2020/03 |
|---|---|---|---|
| Net assets | 49,446 | 55,942 | 43,746 |
| Total assets | 49,494 | 55,946 | 43,802 |
| Net income attributable to owner of the parent | 3,000 | 4,314 | (8,179) |
Mitsui & Co. Nacala Infrastructure Finance Limited
Please scroll horizontally to look at table below.
(Millions of Yen)
| Fiscal year | FYE 2018/03 | FYE 2019/03 | FYE 2020/03 |
|---|---|---|---|
| Net assets | 22,523 | 26,362 | 26,784 |
| Total assets | 22,523 | 26,458 | 26,798 |
| Net income attributable to owner of the parent | (1) | 80 | 1,273 |
3. Dates
Plan to liquidate promptly after the related procedures are completed (scheduled for 2022)
4. Impact on Mitsui's consolidated financial statements
A significant impact is not expected.