Gulf Investment Corporation (GIC) has acquired the 50 per cent shareholding of Brazil's Companhia Vale do Rio Doce in Gulf Industrial Investment Company (GIIC) for about $480 million, making GIC the sole shareholder. GIC's project to build a 6 million-tonne-a-year (t/y) grassroots pelletising plant close to the GIIC facility at Hidd will now be carried out as an expansion (MEED 27:1:06).
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