Asian Group To Pay $1.8B For Brazilian Mining Stake

Law360, New York (March 3, 2011, 3:59 PM EST) -- Japan's Nippon Steel Corp. and JFE Steel Corp. are teaming up with South Korea's Posco to buy a stake in Brazilian rare earth metals miner Companhia Brasileira de Metalurgia e Mineracao in a $1.8 billion deal that shores up their supply.

The Japanese companies, as well as Tokyo-based investment firm Sojitz Corp., will invest $1.2 billion and Seoul-based Posco will invest $600 million, Kyodo News said.

The move is aimed at securing a supply of of rare metals needed for steel production amid growing demand from...
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