China: Minmetals Corp signs US$42.2 million contract with Brazilian firm

10 March 2008

Beijing, China, 10 March – Chinese state-owned company Minmetals Corp announced Friday that it has won a contract to design and supply a blast furnace for Brazilian company Cosipar.

The contract, worth 300 million yuan (around US$42.2 million), includes design and supply of equipment, technical services and staff training for operation of the 450-cubic-meter blast furnace.

The deal is another major Latin American project for Minmetal and comes on the heels of a contact worth 2 billion yuan to supply equipment to Brazilian steel plant Gerdau Acominas.

In January, the Chinese company acquired a majority shareholding in Canada’s Northern Peru Copper and also bought control of the El Galeno copper and gold mines and Hilorico gold mine in Peru.

Minmetals is the parent company of Hong Kong-listed Minmetals Resources and Shanghai-listed Minmetals Development.

Cosipar was Brazil’s biggest pig iron exported in 2007 with sales of 1.2 billion tons of its own and other firms’ products. (macauhub)