MMX Starts Amapa Operations, Acquires AVG, Looks at Asset Sale to Anglo American

摘要

Brazilian iron-ore producer MMX Miner-agao e Metalicos S.A. announced in December that an operating license has been issued by the Amapa State Environmental Secretariat, authorizing operations by subsidiary MMX Amapa Mineracao which include the project's ore-processing installations and infrastructure such as the Amapa Railway and Port of Santana. The railway is operated under a 20-year concession agreement with the State of Amapa signed in March 2006. The Port of Santana, rebuilt and modernized by MMX Amapa, is reportedly now in its operational phase, equipped to receive, unload, stock and load ships with MMX Amapas iron ore. MMX also reported that it has concluded the purchase of 100 percent of the shares of AVG Mineracao S.A., for 224 million US dollars, following an MMX-AVG shareholders agreement announced on July 5, 2007. MMX said the first installment of the purchase price, in the amount of 44 million dollars, has been paid and the remaining four installments of 45 million dollars each will be paid on August 30 of the next four years.