Brazil’s Vale to sell stake in Oman pellet plant

* Oman Oil Company to take 30 percent stake for $125 mln

* Plant slated for start-up in 2010, 9 mln tonne capacity

RIO DE JANEIRO, May 29 (BestGrowthStock) – Brazilian mining giant
Vale on Saturday said it has agreed to sell a 30 percent stake
in an iron pellet plant in Oman with 9 million tonne annual
output to the Oman Oil Company (OOC) for $125 million.

Vale (VALE.N: )(VALE5.SA: ), the world’s largest iron ore
miner, said the Vale Oman Pelletizing Company is slated to
begin production in the second half of 2010.

The plant is part of an industrial logistics center located
in the Sohar Industrial Port Complex in Oman, Vale said.

Oman Oil is owned by the government of Oman.

Pellet plants partly refine ore for sale to steelmakers.

Stock Market Report

(Reporting by Brian Ellsworth; Editing by Eric Walsh)

Brazil’s Vale to sell stake in Oman pellet plant