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Mr Carlos: Brazil MMX to become iron ore exporter in 2014

Time:Fri, 22 Mar 2013 09:14:04 +0800

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Mr Carlos Gonzalez CEO of MMX said that Brazilian miner MMX plans to become an iron ore exporter as soon as its Sudeste port in Rio de Janeiro state becomes fully operational.

Mr Gonzalez said that "We will turn MMX's page and become an exporter starting in 2014. This step will lead us to improved margins next year, making agreements with small and mid-sized miners in the Serra Azul region possible."

MMX is expecting the Sudeste port to be a key transformer in the company's history. However, the executive believes that 2013 will prove to be a difficult year.

He said that "We are expecting our first iron ore shipments to leave the Sudeste port as soon as December 2013. We have great expectations for 2014."

He added that the company is well positioned for the issue of USD 302 million in bonds to be supplied by one of its subsidiaries, a BRL 1.24 billion capital increase and long term financing from national development bank BNDES. This will ensure the financial health of the company in 2013.

Currently, MMX's focus is to minimize capital costs during the year, which means that the company is reassessing its projects.

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