May 10, 2016 / 11:52 AM / 2 years ago

BRIEF-Norway's Hydro drops plan to buy stake in Brazil's Mineracao Rio do Norte

May 10 (Reuters) - Norsk Hydro Asa :

* Norsk Hydro and Vale end negotiations for 40 pct interest in Brazilian bauxite producer Mineração Rio do Norte

* The two companies entered into a letter of intent (LOI) regarding possible transaction in October 2015, but have not been able to agree on commercial terms

* Hydro will continue to own 5 pct of MRN, as well as to purchase bauxite from Vale under commercial agreements entered into in 2011

* Hydro acquired Vales’ other Brazilian aluminium assets in 2011, including the 57 pct interest in the Alunorte alumina refinery, the Paragominas bauxite mine, a 51 pct interest in the Albras smelter, and their 61 pct interest in the CAP alumina refinery project, all located in the state of Para

* MRN is situated in the westernmost part of the state of Para, home to Hydro’s other Brazilian operations, and is Brazil’s, and one of the world’s largest producers of bauxite Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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