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Oslo, Norway, (GLOBE NEWSWIRE) — Hydro and Brazilian mining company Vale has ended negotiations on the possible acquisition of Vale’s 40 % interest in Brazilian bauxite producer Mineracao Rio do Norte (MRN). The two companies entered into a letter of Intent (LoI) regarding the possible transaction in October 2015, but have not been able to agree on commercial terms.
Hydro will continue to own 5% of MRN, as well as to purchase bauxite from Vale under commercial agreements entered into in 2011.
Hydro acquired Vales’ other Brazilian aluminium assets in 2011, including the 57 % interest in the Alunorte alumina refinery, the Paragominas bauxite mine, a 51 % interest in the Albras smelter, and their 61 % interest in the CAP alumina refinery project, all located in the state of Para. The 2011 agreement also included commercial agreements for Vale’s bauxite offtake in MRN.
MRN is situated in the westernmost part of the state of Para, home to Hydro’s other Brazilian operations, and is Brazil’s, and one of the world’s largest producers of bauxite. In operation since 1979, MRN currently employs around 1,400 employees and a significant number of contractors. MRN’s current shareholders are Vale (40 %), Alcoa (18.2 %), South 32 (14. 8%), Rio Tinto (12 %), CBA (10 %) and Hydro (5 %).
Investor contact
Contact Pal Kildemo
Cellular +47 97096711
E-mail [email protected]
