DJ Votorantim Purchases $3.4 Mln Of Peru Miner Milpo Stock

LIMA, Apr 24, 2008 (Dow Jones Commodities News via Comtex) -- MNFNF | news | PowerRating | PR Charts -- Votorantim Metais Ltda. purchased 1,016,654 shares of Peruvian base metals miner Compania Minera Milpo SAA (MILPOC1.VL), totaling $3.4 million, the company said Thursday.

The Brazilian conglomerate said it had increased its share of the Peruvian miner slightly to 25.06% from 24.88%.

Votorantim, a Sao Paulo-based zinc, steel and nickel miner, offered to take a controlling interest in Milpo in March, and increased its offer earlier this month to $3.33 per share from $2.87. But Milpo had rejected both offers, saying these were too low. The offer expired Wednesday.

"We are investing in Peru for the long-term, and buying shares of Milpo is always positive," Votorantim CFO Flavio Donatelli said in the statement.

-By Leslie Josephs, Dow Jones Newswires; 511-221-7050; peru@dowjones.com

(END) Dow Jones Newswires

04-24-08 1355ET

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