Rio de Janeiro, Brazil-based iron ore mining company MMX Mineracao & Metalico SA (MMX) has announced its financial results for 2012.
In 2012, MMX registered a net loss of R$792.4 million ($400 million), compared to a net loss of R$19.2 million in the previous year. The sales revenues of the company decreased by 22 percent year on year to R$806 million ($407 million).
In the fourth quarter of 2012, the company reported a net loss of R$348.7 million ($176 million) compared to a net profit of R$69.2 million in the corresponding quarter of 2011. MMX's sales revenues in the given quarter amounted to R$197.8 million ($100 million), down 29 percent year on year, due to the strong decline in iron ore prices.
Regarding sales volume, MMX sold 1.9 million mt of iron ore in the fourth quarter, decreasing by two percent year on year, while its iron ore sales tonnages for 2012 amounted to 6.9 million mt, down 11 percent compared to 2011.
In the fourth quarter of 2012, MMX produced 1.66 million mt of iron ore, up 15 percent year on year, while the company's iron ore output for 2012 was 7.38 million mt, two percent lower than the previous year.