MMX steps up payments, gets discount on AVG buy

Dec 31, 2008 | 08:50 AM | Mick Bowen

Brazilian mining and metals company MMX Mineração e Metálicos SA paid a lump sum of $79.1 million in December to receive a discount on the purchase of iron ore miner AVG Mineração SA.

MMX said in July 2007 it would buy AVG for $224 million and take over an iron ore mine in the Serra Azul area of Minas Gerais, Brazil, along with rail and port agreements and iron ore sales contracts. MMX was originally scheduled to make....

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