MMX Seeks Loans, Financial Advisors

Brazilian miner MMX has agreed to hire financial advisors for its Serra Azul project, while also seeking up to $290m in short-term BRL-denominated loans and credit lines. The board has authorized the company to secure up to $150m equivalent in short-term loans and another $140m in short-term credit lines. MMX, which is controlled by Brazilian magnate Eike Batista, has said it will invest BRL3.5bn ($2.24bn) to expand the Serra Azul project by building an iron ore processing plan and a railroad terminal.