(MENAFN) Brazilian mining Vale said it made a USD100 million deal to sell 49 percent of its stake in the huge Belo Monte hydroelectric dam to power firm Cemig Geracao e Transmissao SA, AFP reported.
Vale will retain the right to 9 percent of energy produced at the controversial plant and hold onto a 4.59 percent stake through a subsidiary in line with a December 2013 accord, a spokesman said.
Vale recently said it was decreasing its investment program for this year to USD10.1 billion, following three years of earlier cuts and a slump in the price of iron ore of which it is the world's biggest producer.
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