Batista’s MMX Will Invest $2.9 Billion to Expand Iron Ore Units

Bloomberg.com reports that Batista’s MMX intends to invest $2.9 B in Brazil to expand operations to meet Asian demand.

The story is quoted as saying:

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.

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