China cbmm

Chinese steelmakers invest $1.95 billion in Brazilian miner

A consortium of Chinese buyers shells out $1.95 billion for a 15% stake in a Brazilian niobium producer, as China's quest to secure supplies of key natural resources continues.
<div style="text-align: left;">
Crystals of ferroniobium seen in a scanning electron microscope
</div>
<div style="text-align: left;"> Crystals of ferroniobium seen in a scanning electron microscope </div>

A Chinese consortium has paid $1.95 billion for a 15% stake in a Brazilian niobium producer, just a few months after a similar investment by a consortium of Japanese and Korean strategic buyers.

Companhia Brasileira de Metalurgia e Mineracao CBMM is the world’s biggest producer of niobium, a raw material used in steel-making. It is majority-owned by the Moreira Salles group, which also controls Unibanco, one of the largest banks in Brazil. The Chinese buyers are Taiyuan Iron and Steel Group, financial conglomerate Citic Group, Baosteel Group, Anshan Iron Steel Group and Shougang Group. The deal has been in the works for more than two years, said a source close...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222