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MMX Mineração e Metálicos S.A. (Bovespa: MMXM3; TSX: XMM) – (“MMX” or “Company”), announces its results for the second quarter of 2008 (2Q08) and for the first semester of 2008 (1S08). 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”).
  • MMX’s iron ore production totaled 1.430 thousand tons in the 2Q08, with sales of 1.163 thousand tons, of which 57% to the domestic market and 43% to exports markets.
  • Net revenue reached R$90.1 million in the quarter reflecting the increase in sales volume from MMX Sudeste and Corumbá, higher exports and higher average prices.
  • In April 2008, the Extraordinary Shareholders’ Meeting approved the split of MMX’s common shares, in the proportion of 20 shares for each existing share.
  • At the Extraordinary Shareholders’ Meeting held on June 19, 2008, the partial split-up of the Company was approved, with the allocation of portions of its net worth to IronX and to LLX, under the terms of the sale transaction of certain assets of MMX to Anglo American Participações em Mineração Ltda (“Anglo American”).
  • On June 20, the 30-day withdrawal period for shareholders began, due to the partial split-up of the Company. The deadline for the withdrawal rights ended on July 21, with no shareholder exercising its withdrawal rights.
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