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Brazil Miner Vale CEO: Big Buys 'Not Probable' Near Term
11:29 AM EDT August 7, 2008

SAO PAULO -(Dow Jones)- Major new acquisitions by Brazilian mining giant Companhia Vale do Rio Doce (RIO) are "not probable" in the foreseeable future, Vale President Roger Agnelli said Thursday.
"We are not considering making any major acquisitions," Agnelli said in a conference call with analysts and investors. "Our main strategy right now is organic growth."
Agnelli said that acquisitions were "always a possibility" but that a major acquisition in the foreseeable future was "not probable."
In 2007, Vale bid to buy control of major European mining company Xstrata (XTA.LN). But in early 2008, Vale backed away from any deal, saying there would be too many restrictions on Vale's eventual management of the company.

-By Tom Murphy, Dow Jones Newswires; 55-11-2847-4519; [e-mail]