Vale to shutter Mozambique coal operations for three months

Vale, the Brazilian mining giant, plans to place its Mozambican coal operations on maintenance for three months, essentially closing the tap on about one-third of the southeast African country’s export earnings. The move could have severe implications for the country’s balance of payments and currency, as coal is by far its biggest source of export earnings. Mozambique exported $1.7-billion worth of the fuel used in power stations and steel plants last year, with Vale operations in the center of the country accounting for almost all of that.