Brazil's MMX faces potential $1.85 bln tax fine-securities filing

SAO PAULO Tue Jan 8, 2013 7:05am EST

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SAO PAULO Jan 8 (Reuters) - MMX Mineração SA, the mining company owned by Brazilian billionaire Eike Batista, faces a potential tax fine of 3.758 billion reais ($1.85 billion), for overdue income taxes since 2007, according to a securities filing on Tuesday.

The company, based in Rio de Janeiro, said the fine has no legal basis, and hopes it will be reversed. The value of the fine, which equals about 80 percent of the company's current market value, has not been provisioned and has no immediate financial impact, MMX said.

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