China Niobium Investment Holding has acquired a 15 percent stake in CBMM of Brazil, the world's largest niobium producer, for $1.95 billion, the Beijing Times reported.

The deal was to be completed on Friday, the paper said.

China Niobium Investment Holding is a joint venture between Baosteel Corporation, Taiyuan Iron and Steel Group and the investment outfit CITIC Group.

Baosteel and TISCO, major producers of stainless steel, use huge amounts of niobium in their production. CBMM accounts for 85 percent of global niobium output capacity.

By Sun Yuanqing