MMX Plans to Invest in Iron Ore Mine

Reuters reported MMX Mineração e Metálicos SA (SAO:MMXM3) will invest $2.36 billion over two years to complete the Serra Azul iron ore project.

As quoted in the market news:

The company has already spent 200 million reais on the project, located in Brazil’s southeast highland state of Minas Gerais, and expects to produce 29 million tonnes of iron ore from its mines, CEO Guilherme Escalhão said.