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.