DUBAI, United Arab Emirates (AP) — The investment arm of Qatar's sovereign wealth fund is refuting media reports that it is in talks to buy a major stake in a Brazilian gold producer.
Qatar Holding said in a rare denial Wednesday that it has never been in discussions with Brazil's AUX about an acquisition. It says there is "no foundation, past or present, to such speculation."
AUX is controlled by billionaire Eike Batista, Brazil's richest man. Media reports said the mining company was negotiating to sell a 49 percent stake to Qatar Holding for about $2 billion.
Qatar Holding is the main investment arm of the natural gas-rich Gulf state Qatar's sovereign wealth fund. It has shown a growing interest in commodities, and has built a large stake in Anglo-Swiss mining group Xstrata.