The cost of goods sold surged 70 percent over the quarter, due to operational delays and production losses in early 2011.
Brazil’s MMX earns $57 million in Q2
Rio de Janeiro, Brazil-based iron ore mining company MMX Mineracao & Metalico SA posted a net income of R$90.9 million (US$57 million) in Q2, after incurring a loss of R$38.5 million (US$23.9 million) in the comparable quarter last year. Iron ore output rose 17 percent year-on-year to 2.16 million metric tons in Q2 and sales jumped to R$312.9 million (US$194 million) compared to R$204.9 million (US$127 million) in Q2 2010.
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