Caraiba Metais was set up by BNDES, the national development bank to operate the Jaguarari mine and the Dias d'Avila smelter and refinery. The smelter was commissioned in November 1982 at a nominal capacity of 150kt/a copper from concentrates with the Jaguarari mine providing ~20% of the concentrates, the balance being imported. In 1988 the smelter and refinery were privatised when BNDES sold 65% to a consortium of S.A. Marvin, Cia Paraibuna de Metais and Banco da Bahia for US$87M. A...
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