CVRD to form joint venture to explore coal deposits

CVRD to form joint venture to explore coal deposits

Brazilian mining giant Companhia Vale do Rio Doce (CVRD) reportedly plans to engage in a joint venture with Venezuela's Corpozulia to explore coal deposits in Venezuela. Under the scope of the agreement, Venezuela's Socuy coal reserves will be explored. A memorandum of understanding regarding the joint venture between the two companies was signed in September 2004. Brazilian development bank BNDES signed the memorandum as a financial agent. The joint venture is expected to boost cooperation and trade between Brazil and Venezuela.