Brazilian mining company Vale may find a buyer for its Moatize coal mine by the end of this year in an ongoing move to achieve a leaner portfolio, Vale CEO Eduardo Bartolomeo said.

"We have already made two site visits and there are more people coming to visit us," Bartolomeo said in an interview a few days ago, conducted virtually during the Financial Times Mining Summit.

Vale earlier this year finished an overhaul at Moatize, which is currently producing at a rate of 15 million tons/year and should receive equipment to upgrade to 18 million tons/year by the end of the year. The mine produces metallurgical and thermal coal.

The Brazilian mining company divested its manganese ferroalloy assets in the state of Minas Gerais, Brazil, two weeks ago, following the divestment of its nickel and cobalt project in New Caledonia. "Moatize is next," Vale's CEO assured.

Later, the company also plans to divest its stakes in California Steel Industries (CSI) and Companhia Siderúrgica do Pecém (CSP) in Northeast Brazil, according to information presented by Bartolomeo at the event.