Brazilian iron ore miner MMX Mineracao e Metalicos SA (MMX) which is controlled by Eike Batista posted a profit for the second consecutive quarter as it expanded its iron ore production.
MMX had a net income of US$50.5 million, about 83.8 million Reais in the fourth quarter compared to a loss of 65.2 million Reais reported a year before that. The iron ore production of MMX increased by 23% to 2.1 million metric tons in the quarter, as compared to 1.7 million metric tons last year.
The Rio de Janeiro based company also reported delays on its Sudeste Port Project due to blasting issues. As per the MMX Chief Executive Officer Roger Downey the company was making progress on the marine side of the port’s preparation but the blasting problem meant a bit of slippage on the stock areas.
The Chief Executive Officer also indicated that the hold up would mean a delay of several months at the parts of the port affected by the blasting issue. The port is currently being acquired by MMX from its sister company in Brazil the EBX Group which is also controlled by Eike Batista. The Sudeste port will have an initial capacity to export 50 million metric tons of iron ore produced by MMX and other miners each year.