China Firms to Pay $1.95B for Brazil Miner Stake

Source: AFP (9/1/11)

"The deal comes as China snaps up key resources globally to secure stable supplies to keep its economy moving."

AFP

Three Chinese firms will pay $1.95B for a 15% stake in Brazilian rare metal mining firm CBMM, the world's biggest producer of niobium, state media said Thursday.

The deal comes as China snaps up key resources globally in a bid to secure stable supplies to keep its economy—the world's second biggest—moving.

CBMM produces niobium, a rare metal crucial to the production of high-grade steel for cars and other products.

China's Taiyuan Iron and Steel Group, financial conglomerate CITIC Group and Baosteel Group set up an investment vehicle for the deal, the official Xinhua news agency said. . .View Full Article

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