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China''s hunger for raw materials is seen in acquisition of Noranda

Section: Daily Dispatches

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5729807

RIO DE JANEIRO, Brazil, July 21 (Reuters) -- Brazil's Cia
Vale do Rio Doce (CVRD) lost out to China's Minmetals
in a battle to buy Canadian miner Noranda Inc, local
business daily Valor Economico said on Wednesday.

Valor quoted unnamed sources following the negotiations
saying that Brascan Corp., which has a 42 percent stake in
Noranda, decided on Friday to sell its 42 percent stake in
Noranda to Minmetals.

It said that the Chinese had offered $6 billion for Noranda,
compared with a $5.4 billion offer from CVRD.

CVRD was not immediately avaiable for comment.

Noranda is the world's third biggest zinc and ninth largest
copper producer while CVRD is the world's No.1 iron ore
miner and recently started producing copper.

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