Very last units in private Ocean Club
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Brazil Property News: $5.5bn investment in 2 Brazilian mines
31st March 2008 07:00
A mining firm has announced it will buy two Brazilian mining projects for $5.5 billion (£2.7bn).
Anglo American has agreed to take control of the iron projects after the controlling shareholder of MMX Mineracao e Metalicos SA, Eike Batista, agreed to sell a 63.5 per cent shareholding in a new company with a stake in the two projects.
In a statement, Anglo American said the new company, IronX, will own MMX's present 51 per cent interest in the Minas-Rio iron ore project and 70 per cent interest in the Amapa iron ore system. Batista will be chairman of IronX, Market Watch reports.
The acquisitions are part of Anglo American's attempts to become a major player in the iron ore industry.
Brazil is one of the world's largest iron ore producers and is a major exporter of the mineral.
The takeover demonstrates foreign investors' faith in the Brazilian industry, which could give a considerable boost to the Brazilian economy, creating thousands of jobs and promoting infrastructure development.
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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How to invest in Brazilian property
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