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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (957)	11/28/2001 9:05:09 AM
From: craig crawford	Respond to of 1643

Brazil's Paranapanema sells zinc unit to Cominco money.iwon.com Monday November 26, 3:49 PM EST RIO DE JANEIRO, Brazil, Nov 26 (Reuters) - The Paranapanema group, Brazil's largest non-ferrous metals group, said in a statement on Monday that it was selling zinc producer Paraibuna de Metais to Canada's Teck-Cominco Metals Ltd. (TEKb). Paranapanema said it signed a memorandum of understanding with world zinc market leader Teck Cominco on Nov. 21 to sell all its ordinary and preferential shares in Paraibuna. Details of the agreement will be released after the deal is completed in 90 days, it added. Paraibuna, Brazil's second largest zinc producer, halved output to 47,000 tonnes a year in July, due to government energy rationing following prolonged drought which threatened supplies from the country's hydroelectric power network. It decided to stop purchasing power from the national grid and instead sell part of the power it generates onto the open market to take advantage of soaring energy prices. Paraibuna produces zinc ingots, galvanising alloys, zinc oxide and sulfuric oxide. Zinc is mostly used to galvanize steel to protect it from rust.