MMX to Invest 5 Billion Reais in Brazil Iron Ore Units
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MMX Mineracao & Metalicos SA, the iron-ore miner controlled by Brazilian billionaire Eike Batista, plans to invest 5 billion reais ($2.9 billion) to expand mines in Brazil as Asian demand for raw materials increases.
The Rio de Janeiro-based company’s board approved 3.5 billion reais of investment at the Serra Azul project, including a plant to process as much as 24 million metric tons of ore a year, MMX said today in a statement. MMX also plans to spend 1.5 billion reais at its 10 million-ton-a-year Bom Sucesso project. Both projects are in Brazil’s southeastern Minas Gerais state.