Bhrain:CVRD sells 50 pct stake in Bahrain pellet plant

摘要

Brazil's CVRD, the world's biggest iron ore miner, said on Monday it sold a 50 percent stake in the Gulf Industrial Investment Company (GIIC) iron ore pellet plant in Bahrain for 418 million dollars. In a statement, Companhia Vale do Rio Doce (CVRD) said the sale was due to differences over the management of the plant. CVRD and its partner in the joint venture Gulf Investment Corporation decided to enter into a mandatory buy/sell agreement to solve the divergences in accordance with the current shareholders> agreement. CVRD said that one of the key points of its strategy was to pursue the consolidation of its global leadership in the pellet seaborne market so as to maximise the benefits of the significant long term growth potential of pellet demand.