Bloomberg reported that MMX Mineracao & Metalicos SA, the iron ore miner controlled by billionaire Mr Eike Batista, signed USD 5 billion shipment agreement.

MRS Logistica SA will transport about 36 million tonnes of ore from mines to the Sudeste Superport each year for about USD 14.13 per tonne.

The value of the contract is about USD 5 billion over its 14 year term.

Mr Felipe Reis a Santander analyst in Sao Paulo said “Now we have confidence that the rail transportation from the mine to the port is in place. This is one less topic to be concerned about and it shows the company is moving towards delivering on what it has planned to become.”

(Sourced from Bloomberg)