MMX Retains Itau, West LB

MMX has retained Itau and West LB as financial advisors to help the Brazilian mining major to structure an up to $1.8bn project financing package for the expansion of its Serra Azul unit. MMX says it will approach development banks and other institutions. MMX anticipates a 75%/25% split between debt and equity financing. The company says it plans to invest BRL4bn ($2.53bn) to upgrade and expand the iron project.