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).
If the deal, still pending for "certain conditions," is stricken, 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.
Norway's Hydro Aluminium, Vale's another partner in CAP, has other 20 percent stake.
According to Vale's statement, CAP will be responsible for the operation of an alumina refinery in Barcarena, Para state.
The initial production capacity of the refinery will be 1.86 million metric tons per year.
The first phase of the project is scheduled to start in late 2012, but the precise date will be determined by the market.
Vale did not mentioned the total cost of the project in its statement.
Source: Xinhua
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