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Brazil's Mining Giant Sells 19% Shares to Dubai Aluminium Firm

[Minor metal] Transactions Remain Slim in Domestic Selenium Dioxide Market

BEIJING, Apr. 15 -- Brazil's mining giant Companhia Vale do Rio Doce (Vale) announced Tuesday that it had sold a 19-percent stake in its subsidiary Companhia de Alumina do Para (CAP) to Dubai Aluminium Company Limited (DUBAL).
&nbsp;&nbsp;&nbsp; If the deal, still pending for "certain conditions," is stricken,&nbsp; DUBAL, one of the largest single site aluminum smelters in the world and the industrial flagship of Dubai, will have a 19 percent stake in the CAP, while Vale still holds 61 percent shares.
&nbsp;&nbsp;&nbsp; Norway's Hydro Aluminium, Vale's aother partner in CAP, has other 20 percent stake.
&nbsp;&nbsp;&nbsp; According to Vale's statement, CAP will be responsible for the operation of an alumina refinery in Barcarena, Para state.
&nbsp;&nbsp;&nbsp; The initial production capacity of the refinery will be 1.86 million metric tons per year.
&nbsp;&nbsp;&nbsp; The first phase of the project is scheduled to start in late 2012, but the precise date will be determined by the market.
&nbsp;&nbsp;&nbsp; Vale did not mentioned the total cost of the project in its statement.
&nbsp;&nbsp;&nbsp; (Source: chinamining.org) &nbsp;

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