Brazil-based iron ore mining company MMX Mineracao e Metalicos SA (MMX) has acquired a 92.28 percent stake in PortX Operacoes Portuarias SA for R$6.34 billion (US$3.96 billion). The acquisition will allow MMX to fully integrate its mining, port and shipping operations.
MMX will use its new port properties in the developing Sudeste port in Rio de Janeiro to ship the iron ore it produces in Minas Gerais in Southeast Brazil. The port is expected to be operational next year.
The Sudeste port will give MMX greater access to seaborne trade, and will initially have a shipping capacity of 50 million metric tons (mt) annually, which may be expanded to handle a capacity of 100 million mt a year at a later date.