Bloomberg reported that MMX Mineracao & Metalicos SA, the iron-ore miner controlled by Brazilian billionaire Eike Batista posted the biggest gain in almost two weeks after saying its Serra Azul unit has 997.4 million tons of ore reserves.

The company, in a regulatory filing recently after the market closed said SRK Consulting certified the reserves at the unit.

According to Itau Unibanco Holding SA which reiterated its outperform recommendation on the stock the disclosure boosts investor confidence in MMX’s expansion plans.

Mr Marcos Assumpcao an analyst at Itau said “MMX is uniquely positioned to deliver its expansion plans. The company will increasingly grab investor attention, given its attractive risk-reward proposition.”

(Sourced from Bloomberg)