Brazilian mining firm Vale has agreed to sell 49% of its stake in the 11.2GW Belo Monte dam to Cemig Geracao e Transmissao SA in a $100 million deal.
Newswires have reported that Vale will keep a 4.59% stake in the project, and retain the right to 9% of the electricity produced. News of the sale follows Vale’s announcement that it is decreasing its investment program for 2015, largely as a result of decreasing iron ore prices.
Currently under construction on the Xingu River in the Amazon region, Belo Monte is expected to be commissioned in 2019.
