Gerdau sells hydro plants to Kinross Gold
Brazil's Gerdau has sold its two hydroelectric plants in Goiás state to Kinross Brasil Mineração, a subsidiary of Canadian gold mining company Kinross Gold Corporation, for 835mn reais (US$257mn), the steelmaker reported.
Inaugurated in 2010, the Caçu and Barra dos Coqueiros plants have a combined installed capacity of 155MW. The operation is subject to authorizations from local regulators and other customary closing conditions.
With this transaction, Gerdau's divestments in the last four years are topping 6bn reais. "We are taking another important step in our divestment plan, following the strategy of focusing on more profitable assets in the steel segment," company CEO Gustavo Werneck (pictured) stated.
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