November 1, 2016 / 1:02 PM / 2 years ago

BRIEF-MMX unit completes sale of Ipe and Tico-Tico mines

Nov 1 (Reuters) - MMX Mineracao e Metalicos SA :

* Said on Monday that MMX Sudeste Mineracao had completed the sale of a production unit composed of Ipe and Tico-Tico mines, their processing plants and dams, as well as other assets, contracts and licenses

* The production unit was sold through a competitive process won by a group of investors composed of EAV Lux 2 SÀRL (a company of Mubadala group) and Trafigura Ventures VIII BV (a company of Trafigura group)

* The purchase price was set at 70 million Brazilian reais ($21.9 million), which after deductions provided in the judicial recovery plan will be allocated to unsecured creditors of MMX Sudeste Mineracao

* Unsecured creditors will also get royalties corresponding to 3 percent of revenue after the unit reaches production of 6 million tons of iron ore per year and up to the limit of 70 million reais and will hold a stake of 49 percent in the production unit upon the transaction

Source text:

Further company coverage:

$1 = 3.1900 reais Gdynia Newsroom

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below