Vale Agrees to Sell Bauxite-Producer Stake to Norsk Hydro Unit
April 27 2023 - 7:56AM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Brazilian iron-ore miner Vale SA said Thursday that
it has entered into a binding agreement to sell its 40% stake in
bauxite producer Mineração Rio do Norte SA to Norsk Hydro ASA unit
Ananke Alumina SA for an undisclosed amount.
The sale must be approved by regulators, Vale said.
The sale of MRN, the biggest bauxite producer and exporter in
Brazil, completes Vale's major divestment program of 10 non-core
assets across multiple continents, the company said.
The program's goal was to simplify Vale's portfolio and de-risk
its business exposure, and together the sales have eliminated as
much as $2 billion a year in expenditures, according to Vale.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 27, 2023 07:41 ET (11:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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