Brazil Mining MPX To Sell Stake in Canico

Brazilian mining company MPX has said it will sell its 11.8% stake in Canadian nickel-producer Canico Resouce Corp. following news that CVRD has made an offer to buy the company for close to $700 million. Canico manages a nickel project in the north of Brazil. MPX bought its stake 14 months ago for $60 million buts says it has no further role to play in the company.