Brazilian mining company MMX Mineracao & Metalicos SA, reported Wednesday that Q4 net income of R$69.2 million (US$38 million) was a 4.8 percent drop from the same quarter a year ago. MMX said that curbed iron ore production due to heavy rainfall was the main reason for the decline.
Iron ore output totaled 1.44 million metric tons (mt) in Q4, down 32 percent from last year, as sales volumes fell 6.3 percent to 1.95 million mt.