4Q09
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MMX Mineração e Metálicos S.A. (“MMX” or “Company”) (BOVESPA: MMXM3) releases its consolidated results for the Fourth Quarter 2009 (4Q09) expressed in Reais and in accordance with Brazilian accounting standards.
  • Disclosed as a Material Fact by press release on November 30th, 2009 and in agreement with the terms of the Share Subscription Contract signed between MMX and WISCO, the latter will subscribe to U$400 million of new ordinary MMX shares. This is private subscription issue which will give WISCO 21.52% of MMX equity. For this purpose Mr. Eike Batista and other MMX shareholders affiliated to him will cede to WISCO their respective preferential rights as regards the above-mentioned private share issue. The resources from the WISCO investment will be wholly devoted to developing the MMX Sudeste System. MMX Sudeste and WISCO also signed a sales contract setting out the provisions whereby MMX will supply WISCO with at least 50% of the iron ore produced in the Serra Azul Unit of the MMX Sudeste System, with the possibility of increasing the supply by at least 50% of the iron ore produced in the Bom Sucesso Unit, which could mean exports of at least 16 million tons of iron  ore per year from the MMX Sudeste system as soon as it reaches nominal production capacity. The Iron Ore Sale Contract is valid for 20 years as from April 1, 2010.
  • Disclosed as a Material Fact on December 21, 2009, MMX and CSN agreed to make certain changes to the provisions of the commercial contract and the use of port services due to take effect in 2010. The new contract provides for MMX having facilities to move one million tons of iron ore in 2010 through the Loading Terminal of the Port of Itaguaí in Rio de Janeiro, and in return, CSN will commit to acquiring at least 1.5 million tons of iron ore from MMX. In this way, MMX will secure its access to the international iron ore market and supplies for its clients outside of Brazil, as well as consolidating its position in the home market.
  • Also disclosed on December 21, 2009 as a Public Announcement, the Ministry of Defence and the Subsecretariat of the Navy in Chile granted OMX, a company in the EBX group, a shipping concession for developing a port in the municipality of Copiapó, in Chile. The building of a port in the region is a major step forwards in MMX’s mining project, as it will ensure efficient logistics for loading and exporting the iron ore to be produced by MMX Minera de Chile, a subsidiary of MMX. The geologic mapping and environmental licensing are already under way, as well as the mineralogical identification program. Based on published technical articles and structural knowledge of the geology of the region, MMX believes MMX Minera de Chile to be an attractive competitive opportunity for a new iron ore System, with significant production volumes opportunity and favorable logistics for moving production.
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