Vale-Hydro Brazil bauxite talks end without a deal
Brazilian mining giant Vale said on Tuesday talks on a possible sale of its 40% stake in bauxite producer Mineração Rio do Norte (MRN) to Norwegian aluminum firm Norsk Hydro ended without a deal being struck.
The two companies had in October entered into a letter of intent regarding a possible transaction but have not been able to agree on commercial terms, Vale said in a release.
MRN is a JV between BHP Billiton (14.8%), Alcoa and its affiliates (18.2%), Vale (40%), Rio Tinto Alcan (12%), local aluminum company CBA (10%) and Norsk Hydro (5%). Founded in 1979, MRN operates Brazil's largest bauxite mine, located in the Amazon region, and has a yearly output of nearly 18Mt.
"Hydro will continue to own 5% of MRN, as well as to purchase bauxite from Vale under commercial agreements entered into in 2011," the aluminum producer said in a separate release.
Hydro's goal was to strengthen its global position as a long player in bauxite and alumina, the company said in a release in October.
In 2011, Hydro acquired Vale's aluminum operations, including aluminum company Albras, alumina refinery Alunorte and alumina plant project Companhia de Alumina do Pará (CAP).
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