OREANDA-NEWS. March 29, 2011. The volume was measured by SRK, which also previews that MMX has an extra mineral potential of 1.4 billion tons

MMX, a mining company of the EBX Group, of entrepreneur Eike Batista, disclosed today (14/Mar) to the market and its shareholders that it counts on at least 1.5 billion tons of iron ore resources. The volume was audited by international certifier SRK Consulting, which verified that the company also has an additional mineral potential of 1.4 billion tons, which, upon confirmation with the progress of the borings, will raise the company’s total resources to about 3 billion tons of iron ore. SRK audited the mineral reserves of MMX’s Southeast (MG) and Corumba Systems (MS).

In the evaluation of Roger Downey, president of MMX, their mining projects are supported by a broad base of mineral resources. “The minable reserves, calculated based on these resources, are more than enough to reach our goal to produce 46 million tons of iron ore per year”, he points out.

Downey also says that 60% of the Southeast System’s production has already been traded in 20-year iron ore contracts signed with strategic partners in Asia. Downey says that with the “acquisition of the Southeast Superport, MMX becomes better prepared to implement its growth strategy with its portfolio of projects, incorporations, and mergers”.

In the Serra Azul Unit, located in the Minas Iron Ore Quadrangle, SRK measured 909 million tons of iron ore resources available to the company, in addition to extra mineral potential of up to 570 million tons. In Bom Sucesso, Midwest of Minas Gerais, they certified 365 million tons of iron ore resources and an extra mineral potential of 740 thousand tons. The SRK report concludes, however, that the MMX Southeast System totals over 2.5 billion tons in measured and potential iron ore.

Pau de Vinho Mine – According to analysis of Usiminas, the Pau de Vinho Mine, asset of Mineracao Usiminas, recently leased by MMX, has the mineral potential of 875 million tons of iron ore. It is important to emphasize this information, as the mine is located in an area adjacent to MMX operations in the Serra Azul region. MMX will pay Mineracao Usiminas lease of 13.5% of the iron ore produced in Pau de Vinho Mine.

In the Corumba System, located in Mato Gross do Sul, SRK certified that MMX has 193 million tons in iron ore deposits. The certifier also verified that the company has an extra potential of 123 million tons of the same type of mineral ore.

Chile – MMX is currently running a boring campaign in Chile to assess mineral resources present in the areas purchased and in the purchase options. The mining rights under evaluation by MMX in Chile total a mineral potential of 290 million tons according to the company’ studies.

In Brazil, like in Chile, the boring programs in progress also seek to convert mineral potential into extra resources.