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Brazilian president denies plan to renationalize CVRD
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09:54, September 07, 2007

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Brazilian President Luiz Inacio Lula da Silva said Thursday that his government is not considering renationalizing mining group Comapnhia Vale do Rio Doce (CVRD).

Lula told local media that the firm's renationalization is not and will not be "on his desk."

The president's Workers' Party (PT) decided last week at a meeting to support the campaign organized by the Landless Workers' Movement and other groups to hold a referendum on the renationalization of the world's largest iron ore mining company.

Lula, who participated in the PT meeting, said political party members "can make the decisions they wish to make."

"The Party has autonomy," he said.

"There is a juridical decision that has been accomplished, which the government will respect," he said, referring to CVRD's privatization process in 1997, when former president Fernando Henrique Cardoso was in office.

The company produced 114 million tons of iron ore in 1997. Iron ore production reached 264 million tons last year.

Source: Xinhua

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