Bloomberg quoted MMX Mineracao & Metalicos SA, the iron ore producer controlled by Brazilian billionaire Mr Eike Batista said the company financing plans won’t change after Mr Guilherme Escalhao was named to replace Mr Roger Downey as chief executive officer.

Mr Escalhao said “We have a good chance of passing through this process without dramatic changes. He said he will go to South Korea to hold talks with banks.”

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. Mr Guido Germani was named to replace Mr Escalhao as chief financial officer.

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

A former executive of Vale SA, Mr Escalhao has been CFO of MMX since January. He trained in business administration at the Rio de Janeiro based Getulio Vargas Foundation and has more than 25 years of experience in the mining industry

(Sourced from Bloomberg)