Rio – The Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social) (BNDES) and the Vale do Rio Doce Company (a privately-owned mining firm) have signed a memorandum of understanding with Corporación de Desarrollo de la Región Zuliana (a Venezuelan state-run enterprise) for coal mining in Venezuela. The signing took place at the 5th Brazil-Venezuela Business Conference.

According to a BNDES spokesman, "The agreement is a landmark in South American integration which will have important ramifications in the Brazilian steel industry, as well."

Agência Brasil
Reporter:Nielmar de Oliveira
Translator: Allen Bennett
09/17/2004