1Q08
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MMX Mineração e Metálicos S.A. (Bovespa: MMXM3; TSX: XMM) – (“MMX” or “Company”) announces its results for the period ended March 31, 2008 (1Q08). The financial statements presented at the end of this document were prepared in accordance with the usual accounting practices adopted in Brazil, based on Brazilian Corporate Law and CVM regulations (“BR GAAP”).
  • Through the subsidiary AVX, the Company concluded the acquisition of Minerminas in March 2008, a mining company located in the Iron Quadrangle, Minas Gerais State, in an area nearby AVG Mineração, acquired in December 2007.
  • MMX’s iron ore production totaled 1,402 thousand tons in the 1Q08, with sales of 1,076 thousand tons, of which 67% to the domestic market and 33% to exports market.
  • MMX Metálicos Corumbá’s second blast furnace commenced operating in January 2008, thus enabling the pig iron plant to produce at the nominal capacity of 400 thousand tons per year.
  • Net revenue reached R$160 million in the quarter, 67% higher than in the 4Q07, influenced by sales from the AVX and Amapá Systems, although not reflecting the positive annual iron ore price adjustment yet.
  • The 1Q08 net income of R$184.2 million was positively impacted by the capital gain obtained as a result of the financial settlement of the sale of a 15% stake in LLX to Ontario Teachers Pension Plan (OTPP).
  • In March 2008, Mr. Eike Batista, controlling shareholder of MMX, and Anglo American Participações em Mineração Ltda. (“Anglo American Participações”) entered into a Share Purchase and Sale Agreement for the acquisition, by Anglo American Participações, of the controlling stake in IronX Mineração S.A. (“IronX”), company resulting from MMX’s partial split-up that will own MMX’s 51% stake in MMX Minas-Rio and 70% stake in MMX Amapá.
  • In March 2008 MMX Minas-Rio was granted the environmental construction permit for the construction of the slurry pipeline and, in April 2008, it contracted Camargo Corrêa to build the pipeline.
  • In February, 2008 MMX’s shares commenced trading on the Bovespa’s odd-lot market, under the ticker MMXM3F.
  • An Extraordinary Shareholders' Meeting held on April 7, 2008 approved the third split of the Company's common shares in the proportion of 20 to 1. Therefore, each of MMX’s GDRs now corresponds to one common share.
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