Brazil MMX to sell Corumba plant for $50 mln

SAO PAULO, Brazil, June 23 (Reuters) - Brazilian iron ore miner MMX (MMXM3.SA) has clinched a deal to sell its Corumba pig iron plant for 100 million reais ($50 million) to Vetorial Siderurgica, MMX said on Tuesday.

In a statement to the local market regulator CVM, MMX said 84 percent of this value would be paid up front upon signing of the contract.

"The accord establishes additionally that MMX Corumba Mineracao Ltda, a subsidiary of MMX, and Vetorial will sign a supply contract for a quantity of iron ore (from MMX) sufficient to produce upto 400,000 tonnes of pig iron a year," the statement said.

The deal is subject to due diligence on Vetorial's part and will need to be approved by the board of MMX.

In the same statement, MMX said its Bolivian subsidiary, EBX Siderurgica, would also sell its iron plant in the city of Puerto Suarez to Vetorial for 26 million reais. (Reporting by Eduardo Simoes; Writing by Reese Ewing; Editing by Clarence Fernandez)