Bloomberg quoted MMX Mineracao & Metalicos SA, the iron ore producer controlled by Brazilian billionaire Mr Eike Batista said Mr Roger Downey CEO resigned as the company seeks USD 1.8 billion in project financing.

Rio de Janeiro based MMX said Mr Guilherme Escalhao CFO was named as the new CEO, adding that Mr Downey resignation was for personal reasons. Mr Guido Germani was named to replace Mr Escalhao.

Mr Downey said the reason for his resignation is exclusively personal. He said he wants to live life a little bit slower and closer to my family. He plans to remain a shareholder in the company.

Mr Downey said MMX will have USD 1.8 billion in loans for its Serra Azul project completed before year-end. Mr Downey 44 a former mining equity analyst at Credit Suisse Group AG has been MMX CEO since August 2009.

(Sourced from Bloomberg)