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MMX Mineração e Metálicos S.A. (“MMX” or the “Company”) (BOVESPA: MMXM3) releases its consolidated results for the fourth quarter (4Q08) and for 2008, in accordance with the accounting practices adopted in Brazil, in Reais.
  • 1Q08: In January 2008, the controlling shareholder of MMX and Anglo American Participações em Mineração Ltda. (“Anglo American Participações”) entered into exclusive negotiations for the sale of 51% of the MMX Minas-Rio System and 70% of the MMX Amapá System.
  • 1Q08: Through AVX, in March 2008, it was concluded the acquisition of Minerminas, an iron ore mining company located in the Iron Ore Quadrangle, in the State of Minas Gerais, in an area contiguous to that of AVG Mineração, which was acquired in December 2007.
  • 2Q08: At a Shareholders’ General Meeting held on June 19th, 2008, the partial split up of MMX has been approved, under the terms of the sale of the abovementioned assets of MMX to Anglo American Participações em Mineração Ltda. (“Anglo American”), with the allocation of portions of its net worth to IronX and LLX.
  • 3Q08: On August 5th, 2008, MMX, IronX Mineração S.A. and Anglo American Participações em Mineração Ltda., informed the conclusion of the acquisition, by Anglo American, of all IronX sharesheld directly by the controlling shareholder of MMX and by other related shareholders. As a result, Anglo American acquired, by payment in cash, 193,462,160 common shares representing 63.3% of the total capital of IronX, for an amount equivalent to approximately R$ 5.4 billion, representing a price per share of IronX of R$ 28.147.
  • 3Q08: MMX began the development of new business in Chile, acquiring 2 iron ore mining rights and entering into option agreements for the acquisition of another two mining rights for the total value up to US$ 44.5 million, if all options are exercised.
  • 4Q08: Start-up of the Magnetic Concentration Plant at MMX Sudeste on October 30th, reaching an installed annual capacity of 8.7 million tons of iron ore at the Sudeste System, which when added to the installed capacity of the Corumbá System – 2.1 million tons – amounts to an annual installed production capacity of 10.8 million tons.
  • 4Q08: Temporary suspension, from the end of November, of the iron ore mine and the pig iron plant activities at Corumbá, due to the retraction in global growth and its direct impact on the mining and metals industry, evidenced by the decrease in the demand for iron ore and pig iron. The operations will resume upon the improvement in the global macro-economic conditions.
  • 4Q08: In December, MMX won the private bid for the use of port services at the CSN Itaguaí Terminal, in the State of Rio de Janeiro, allowing the sales from the Sudeste System in the international market, of 1.2 million tons of iron ore in 2009 and 2.0 million tons per year of iron ore in each of the two following years, 2010 to 2011, extendable for an equal period. With this port availbility, MMX is ready to enter into long term supply contracts of iron ore with foreign iron and steel companies, thereby becoming an international player.
  • 4Q08: The restructuring, in December, of the assets acquisition debts, making prepayments – including discounts – and establishing of new future installments, which were possible due to the contracting of a new long term financing with ItaúBBA, amounting to US$120 million, which allowed MMX’s average debt maturity to improve from 13 to 16 months.
  • 4Q08: Reinforcing its commitment for the best practices of Sustainability in the use of charcoal, in December MMX promoted, in partnership with the Public Attorney, the first meeting with respect to the Diagnose of the Productive Chain of Charcoal in Mato Grosso do Sul. This diagnose represents the starting point for the execution of a mapping of the productive sector of charcoal in the State.
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