Business Services Industry
Brazilian move into local coal.
Australasian Business Intelligence, February, 2007
Byline: Jamie Freed
Feb 27, 2007 (The Sydney Morning Herald - ABIX via COMTEX) -- Companhia Vale do Rio Doce (CVRD), one of the main rivals of Australian resources groups Rio Tinto and BHP Billiton, will fight them on their home turf. It is preparing to take over the coal assets of AMCI Australia in its first major move into the nation's mining sector. The sale price will be $A835m, and the purchase follows that of Canada-based nickel group Inco for $US16.8bn ($A21.2bn) in 2006. That transaction also meant CVRD gained a stake in Australian ventures including Heron Resources. The Australian coal production per annum of AMCI is eight million tonnes, predominantly coking coal from Queensland. Rio recently lost its spot as the world's second-largest mining group...
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