Japan, S. Korea agree on $1.95bn Brazil mining deal

TOKYO - A consortium of Japanese and South Korean companies have Agreed on Friday a deal Thurs guarantees a $ 1.95 Billion 15 Percent Stake in a Brazilian metals miner, said the Japanese Firms.
Nippon Steel, JFE Steel, and trading house Sojitz as well as the state-owned Japan Oil, Gas and Metals National Corp. will join forces with South Korea's Posco and the country's National Pension Service (NPS).
Companhia Brasileira de Metalurgia e Mineração (CBMM) mines in niobium, a metal Crucial to the Production of high-grade steel for automobiles and Other Products.
The Japanese companies will take a Combined 10 Percent Stake and the Remaining Five Percent, Worth $ 650 Million, Will Be Taken Up by Posco and the NPS, a statement released by the Japanese Firms said.
CBMM produces 82 Percent of the world's niobium.
"This investment in Such A Significant Supplier of niobium Comes at an Opportune Time and has real Strategic Value to the companies of the Japanese and the Korean consortium," the statement said.
The Deal Comes as Japan looks Thurs ITS diversify supply of key minerals and as a strong yen Makes Overseas Investments Relatively good value.