Vale (NYSE:VALE) (SAO:VALE5) has sold it aluminum assets to Norsk Hydro for $4.9 billion, setting up the company to supply raw materials for decades into the future with the significant new assets.
Norsk will take control of Paragominas, the third-largest bauxite mine in the world, and Brazil-based aluminum and alumina refining facilities.
They will also control the current 91 percent stake held by Vale in Alunorte, an 81 percent stake in an alumina refinery under development, and a 51 percent stake in the Albras aluminum. Alunorte is the largest alumina refinery in the world.
The reasoning behind Vales divesting of the properties is the increasing costs of energy in Brazil.
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