In a regulatory filing on Friday, the businessman’s coal division, CCX Carvao da Colombia SA, said it would sell its Canaverales and Papayal open pit mines to Transwell Enterprises.
The sale is worth about $US75 million, according to Bloomberg.
Both Canaverales and Papayal are expected to produce about 2.5 million tons of coal per annum from respective resources of 27.3Mt and 15.6Mt.
Transwell will also have access to CCX’s port and railway infrastructure as part of the deal, the filing said, according to Bloomberg.
The company is keeping full ownership of its flagship San Juan underground mine, which has 671.8Mt in resources, and the associated logistics project, it said.
Batista has been divesting projects and logistics ventures across his portfolio in an attempt to raise cash following a decline in investor confidence triggered by company delays and debt.
MMX Mineracao & Metalicos SA, the entrepreneur’s iron-ore unit, last week agreed to sell control of a port in Rio de Janeiro and last month, Batista agreed to relinquish control of his LLX Logistica SA logistics unit to private-equity firm EIG Global Energy Partners.
