WISCO becomes 2nd largest shareholder of MMX

17:15, March 01, 2010      

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Wuhan Iron and Steel (Group) Corporation (WISCO) completed the shareholding transaction with MMX Mineracao e Metalicos SA (MMX), the subsidiary company of Brazil-based EBX Group in Rio de Janeiro February 26, making WISCO the second largest shareholder of MMX, winning access to exploit approximately 600 million tons of mining resources.

Peng Chen, vice president and chief accountant of WISCO, and MMX's CEO Roger Allan Downey, signed the shareholding transaction contract on behalf of the 2 sides. They also signed the ore purchase and sale agreement, indicating that WISCO has stepped into the implementation phase in exploiting Brazil's mining resources.

EBX's subsidiary MMX, owns 2 large iron ore mines including SudESte and Corumba, which are located in Minas Gerais, and Minera in Chile, with total resources of over 3 billion tons and an annual production capacity of 10.7 million tons.

WISCO signed a cooperation agreement with EBX November 30 of last year, subscribing for shares of MMX to guarantee and broaden the long-term supply of iron ore. WISCO invested 400 million U.S. dollars to acquire 101.7 million newly-issued shares of MMX, becoming the second largest shareholder of the company with a 21.52 percent stake. WISCO also obtained 2 board positions, and appointed 3 technical committee members to MMX to participate in technology and operations management.

By People's Daily Online
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