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Norsk Hydro: Hydro and Vale end negotiations for 40 % interest in MRN

Hydro and Brazilian mining company Vale has ended negotiations on the possible
acquisition of Vale's 40 % interest in Brazilian bauxite producer Mineração
Rio do Norte (MRN). The two companies entered into a letter of Intent (LoI)
regarding the possible transaction in October 2015, but have not been able to
agree on commercial terms.

Hydro will continue to own 5% of MRN, as well as to purchase bauxite from Vale
under commercial agreements entered into in 2011.

Hydro acquired Vales' other Brazilian aluminium assets in 2011, including the
57 % interest in the Alunorte alumina refinery, the Paragominas bauxite mine,
a 51 % interest in the Albras smelter, and their 61 % interest in the CAP
alumina refinery project, all located in the state of Para. The 2011
agreement also included commercial agreements for Vale's bauxite offtake in

MRN is situated in the westernmost part of the state of Para, home to Hydro's
other Brazilian operations, and is Brazil's, and one of the world's largest
producers of bauxite. In operation since 1979, MRN currently employs around
1,400 employees and a significant number of contractors. MRN's current
shareholders are Vale (40 %), Alcoa (18.2 %), South 32 (14. 8%), Rio Tinto
(12 %), CBA (10 %) and Hydro (5 %).

Investor contact

Contact Pål Kildemo

Cellular +47 97096711

E-mail På

Press contact

Contact Erik Brynhildsbakken

Cellular +47 41751271


Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives
and strategies for Hydro, such as planned expansions, investments or other
projects, (c) targeted production volumes and costs, capacities or rates,
start up costs, cost reductions and profit objectives, (d) various
expectations about future developments in Hydro's markets, particularly
prices, supply and demand and competition, (e) results of operations, (f)
margins, (g) growth rates, (h) risk management, as well as (i) statements
preceded by "expected", "scheduled", "targeted", "planned", "proposed",
"intended" or similar statements.

Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ
materially from those projected in a forward-looking statement or affect the
extent to which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued ability to
reposition and restructure our upstream and downstream aluminium business;
changes in availability and cost of energy and raw materials; global supply
and demand for aluminium and aluminium products; world economic growth,
including rates of inflation and industrial production; changes in the
relative value of currencies and the value of commodity contracts; trends in
Hydro's key markets and competition; and legislative, regulatory and
political factors.

No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward
looking statements, whether as a result of new information, future events or


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norsk Hydro via Globenewswire


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