Batista to Sell Colombia Mines for $450 Million; Shares Rise
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Eike Batista agreed to sell coal projects in Colombia to Turkey’s Yildirim Holding AS for about $450 million as the former billionaire sells assets and scales back operations in a bid to keep his commodities group afloat.
Under a preliminary agreement, CCX Carvao da Colombia SA, Batista’s coal unit, will sell its Canaverales and Papayal open-pit mines to Yildirim for about $50 million, the company said in a regulatory filing late yesterday. It also agreed to negotiate the sale of its San Juan undeground mine and logistics project for about $400 million, CCX said.