Finance / Brazil
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MMX's US$5.5bn Mining Deal Moves Forward
July 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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More news from Brazil this week, as a US$5.5bn mining deal gets back on track after being temporarily derailed by some potential legal difficulties. Brazilian iron ore and pellet producer MMX Mineração and London-based miner Anglo-American announced that they will on August 5 close a deal whereby Anglo-American will acquire a 63.5% stake in IronX. IronX is a newly created company which controls two of MMX's key Brazilian mining assets, holding 51% of MMX's Minas-Rio iron complex and 70% of the Amapá iron ore system in northern Brazil.