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Norsk Hydro sells remaining magnesium ops in Germany, China to Straits unit

OSLO (Thomson Financial) - Norsk Hydro ASA said it has agreed to sell its remaining magnesium remelting operations in Germany and China to Varomet Holdings Ltd, a subsidiary of Australian mining group Straits Resources.

Published : Mon, 23 Jul 2007 12:11
By : Agencies
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OSLO (Thomson Financial) - Norsk Hydro ASA said it has agreed to sell its remaining magnesium remelting operations in Germany and China to Varomet Holdings Ltd, a subsidiary of Australian mining group Straits Resources.

No financial details were given, but Hydro said the 'sale will have a modest positive book effect'.

The sale of its remelters in Bottrop, Germany, and Xi'an, China, will bring to an end Norsk Hydro's disposal of its magnesium business, it said. Norsk Hydro's large primary magnesium plant in Quebec, Canada, was closed in March.

Varomet is a trading and investment holding company, wholly owned by Straits Resources, a listed Australian mining company focusing on copper, gold and coal bulk commodities.

alastair.reed@thomson.com

ar/am

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