Norsk Hydro: Hydro and Vale end negotiations for 40 % interest in MRN
(Thomson Reuters ONE) -
Hydro and Brazilian mining company Vale has ended negotiations on the possible
acquisition of Vale's 40 % interest in Brazilian bauxite producer Mineração 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 Pål Kildemo
Cellular +47 97096711
E-mail Pål.Kildemo(at)hydro.com
Press contact
Contact Erik Brynhildsbakken
Cellular +47 41751271
E-mail Erik.Brynhildsbakken(at)hydro.com
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to reposition
and restructure our upstream and downstream aluminium business; changes in
availability and cost of energy and raw materials; global supply and demand for
aluminium and aluminium products; world economic growth, including rates of
inflation and industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets and
competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via GlobeNewswire
[HUG#2011181]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2016 - 13:32 Uhr
Sprache: Deutsch
News-ID 469957
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contact information:
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Kategorie:
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