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Anglo American in talks to pay US$5.5 billion for Brazil
Saudi Press Agency Published in Saudi Press Agency on 17 - 01 - 2008


British mining company Anglo
American PLC is in negotiations to pay US$5.5 billion for
control of iron ore projects owned by Brazilian miner MMX
Mineracao e Metalicos SA, the two companies said Thursday, according to AP.
Under terms of a complicated deal, Anglo American would
buy the MMX shares owned by Brazilian businessman Eike
Batista and secure control of the company's Minas-Rio and
Amapa ore mines in Brazil, according to statements released
by the companies in Sao Paulo and London.
Prices for iron ore, the main ingredient for making steel,
have soared in recent years, largely due to high demand
from China.

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