Brazil's MMX approves $646 million capital increase - filing

RIO DE JANEIRO Mon Dec 3, 2012 4:01pm EST

RIO DE JANEIRO Dec 3 (Reuters) - The board of MMX Mineração e Metalicos SA on Monday approved a 1.37 billion real ($646.2 million) capital increase, according to a securities filing.

The increase, to be carried out by issuing 349 million new shares, is designed to help fund the expansion of the company's Serra Azul mining project, the filing said. Each new share, MMX added, will be priced at 3.92 reais ($1.85).

MMX is one of the energy and commodities companies controlled by Brazilian business magnate Eike Batista.