MMX, LLX Advance on Iron-Ore Agreements With Usiminas
MMX Mineracao e Metalicos SA and LLX Logistica SA, the mining and logistics companies controlled by Brazilian billionaire Eike Batista, climbed after signing accords with Usinas Siderurgicas de Minas Gerais SA on iron-ore transportation and mining.
Usiminas, Brazil’s second-largest steelmaker, will use LLX’s port to ship iron-ore.
MMX agreed to develop and invest in Usiminas’s iron-ore mine Mina Pau de Vinho, according to a statement sent to the Brazilian securities regulator today.
The agreements fit into Usiminas’s plan to increase iron- ore output to 12 million metric tons by 2012 from 7 million tons currently said Pedro Galdi, an analyst at SLW Corretora in Sao Paulo.