China Molybdenum Company completes acquisition of assets in Brazil

5 October 2016

CMOC International, a subsidiary of the China Molybdenum Company Limited Group, completed the purchase of the niobium and phosphate operations of the Anglo American group in Brazil, announced the head of the company in the country.

The US$1.7 billion deal, announced earlier this year, includes the Anglo American group’s operations in Catalão and in Ouvidor (Goiás state) and Cubatão (São Paulo).

Niobium is a metal used mainly in the production of high-strength alloy steel and phosphates are one of the main raw materials for the manufacture of fertilizers.

The head of the company in Brazil, Marcos Stelzer, told Reuters news agency that CMOC International is considering making new investments in Brazil, “if the opportunities arise” because of the Chinese group’s good financial situation.

The two businesses purchased by CMOC International generated revenues of US$543 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of US$143 million in 2015. (macauhub)