A Brazilian court has ordered a new evaluation of MMX’s Corumbá mine, which will be used in a potential sale of the asset, SteelOrbis has learned.
According to a court document obtained by SteelOrbis, the asset evaluation will establish a price for MMX’s Corumbá iron ore mine, which will likely be sold. MMX, which was under bankrupt protection, had its bankrupt protection plan denied. As such, the company is technically bankrupt, but the bankruptcy process was halted and is expected to resume in court in 2021.
According to a media report from Valor, MMX has some BRL 600 million in debt ($113.6 million).