|The TEX Report Topics < Iron Ore >|
|HOME >> Topics List >> September, 2013 >> 03 (Tue)|
|Brazil's MMX Sells Assets in Chile|
|= Focusing on iron ore business in Brazil =|
Brazil's MMX Mineração e Metálicos S.A. (MMX) announced that it has signed an agreement to sell all its shares in Minera MMX de Chile S.A. to Inversiones Cooper Mining S.A., a company incorporated and established in compliance with Chilean law. Subject to compliance with the preceding conditions, this transaction assures the receipt of royalties by the company on iron ore sales by tonne as from the start-up of commercial production and exploitation of the MMX Chile assets by Cooper Mining.|
MMX announced in March 2013 that the company would withdraw from its investment project in assets in Chile. The divestment of its operations in Chile is aligned with its business strategy, optimizing its asset portfolio and simplifying its corporate structure, in order to maximize value creation for its shareholders. The company focuses on iron ore business in Brazil. Carlos Gonzalez, MMX's CEO and Investor Relations Officer, said in the announcement in March 2013 "MMX is strongly oriented towards the start-up of operations of the Sudeste Superport at the end of 2013, increasing its current export volume and implementing the expansion project at the Serra Azul Unit."
MMX, the iron ore company in entrepreneur Eike Batista's EBX group, was established in 2005. With two systems in operation - Southeast System, in Minas Gerais State, and the Corumbá System, in Mato Grosso do Sul State - MMX has the installed capacity to produce 10.8 million tonnes of iron ore per year.
MMX is also present in Rio de Janeiro, with the Sudeste Superport, currently being built in Sepetiba Bay. The company also owns iron ore extraction rights in Bom Sucesso (MG). The company's goal is to expand installed capacity of the Serra Azul Unit (MG) to 29 million tonnes of iron ore per year.
|last modified : Fri 06 Sep, 2013 [13:53]|