Yongmei Group to acquire a 25% stake in Henan Longyu from Vale for $152m.

Yongmei Group, a mining firm, agreed to acquire a 25% stake in its subsidiary coal mining business unit Henan Longyu Energy Resources from Vale, a Brazilian firm engaged in mining and logistics operation, for $152m. The transaction is in line with Vale's strategy of discipline in capital allocation and business portfolio rationalization. The closing of the deal is expected for the first quarter of 2020, upon completion of conditions precedent to the transfer of the stake.