Mubadala and Trafigura acquires 65 % stake in Sudeste Superport
Eike Fuhrken Batista, controlling shareholder of MMX Mineração e Metálicos S.A. (MMX), has announced that he has agreed with Trafigura Pte. Ltd. and EAV Lux SarL (Mubadala Development Company), the sale of the controlling stake in an iron ore port terminal located in the State of Rio de Janeiro, Brazil, with an initial capacity to handle 50 million tons of iron ore per year, known as the Sudeste Superport.
The Sudeste Superport began construction in July 2010, designed to handle cape-size vessels, and is expected to begin commercial operation mid-2014, and has development plans to increase its capacity to 100 million tons per year.
Trafigura and Mubadala become the holders of a 65% shareholding in MMX Porto Sudeste in exchage for a cash consideration of $400 million. As a result, MMX Porto Sudeste will have the necessary funds to complete the Sudeste Superport and MMX's mining business will be essentially debt-free.
Mubadala Development Company is owned by the Government of Abu Dhabi. Mubadala manages a multi-billion dollar portfolio of local, regional and international investments across a wide range of industry sectors.The Trafigura Group is one of the world's leading international commodity traders, specialising in the oil, minerals and metals markets.Country news
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