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| HOME >> Topics List >> November, 2008 >> 13 (Thu) |
| MMX To Suspend Corumbá Ore, Iron Operations Temporarily |
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Brazilian resource developing company MMX Mineração e Metálicos S.A. ("MMX" or "Company") has announced that it is taking measures to adjust its production levels in light of the current global economic slowdown. This new scenario requires that MMC reduce its iron ore and pig iron production plan, which will lead to a cutback in output levels during the fourth quarter of 2008. MMX believes that this decision will contribute to reducing its operating costs and to avoid inventory increase. In this context, MMX is taking the necessary steps to suspend, by the end of November, production in its pig iron plant and iron ore mine in Corumbá, in the state of Mato Gross do Sul. This suspension will be temporary and will not cause layoffs. Operations are expected to resume upon the improvement in global economic conditions. MMX Corumbá System has a pig iron plant in Mato Grosso do Sul State, a region rich in iron ore. With its operations having started in December 2005, this System is capable of producing 400,000 tons of pig iron a year. Pig iron produced is mainly exported after transported down the Paraguay River to customers in Argentina and Paraguay, or to the Port of Rosario where the goods are shipped on board Panamax vessels to customers in Europe and the USA. There will not be any slowdown or suspension of MMX Sudeste's activities. |
| last modified : Tue 18 Nov, 2008 [10:26] |
