Dubai aluminum producer buys into Brazil plant

2009-04-16 11:54:04 -

DUBAI, United Arab Emirates (AP) - Dubai Aluminium says it will take a 19 percent stake in an alumina refinery planned by mining giant Vale for the north of Brazil.
The deal gives the Dubai state-owned aluminum producer, also known as Dubal, access to the primary raw material used in making the widely used metal.
Financial terms of the deal, which is not yet complete, were not disclosed.
Dubal said in a statement Thursday the refinery in Barcarena, Brazil, will have an initial capacity of 1.9 million tons per year beginning in 2012.
Rio de Janeiro-based Vale will have a 61 percent stake in the project, while Norway's Hydro Aluminium will own 20 percent.
Dubal says it has customers in 48 countries.