Batista Taps CS Analyst for CEO Post

Eike Batista has hired Credit Suisse mining and steel analyst Roger Allan Downey to replace him as CEO of MMX, the Brazilian iron ore miner. Downey will also take over IR duties for the Brazilian iron ore company. Batista relinquishes his CEO title, but will stay on as chairman of the board. Joaquim Martino, MMX’s former executive officer, will become a special advisor of parent EBX Group for mining activities and will continue contributing in deployment and operation of mining projects. He will also be nominated to become a member of MMX’s board as vice chairman. In his first conference call with analysts as CEO, held yesterday, Downey says that conversations with China’s Wuhan Iron and Steel, which signed a non-binding agreement to acquire a minority stake in the company, are continuing, but that no binding offer has been made yet. Downey says that a delegation from Wuhan will visit Brazil soon and that discussions will continue, but adds that there is no timeframe for completion of a deal. Wuhan initially agreed in May to acquire a 9% stake in MMX for $120m and a 23% equity interest in the Sudeste port for $280m, by issuing new shares.