RIO DE JANEIRO, March 26 MMX Mineração e
Metálicos SA, the Brazilian iron ore miner controlled
by tycoon Eike Batista, reported a fourth quarter net loss of
353.1 million reais ($153 million) to end a year of deep
restructuring, the company said on Wednesday.
That result was slightly worse that the 348.7 million loss
reported a year earlier.
Earnings before interest, taxes, depreciation and
amortization, a gauge of cash generation known as EBITDA, were
negative by 127.4 million de reais, an improvement compared to
negative 222.4 million reais a year before, the company said in
a securities filing.
Net revenues fell to 180.7 million reais, down 9 percent
from a year earlier.
MMX is one of the last companies still controlled by former
billionaire Batista after the sale of most of his EBX group that
collapsed under the weight of debt and unfulfilled plans.
The mining and integrated logistics company of the group
produces iron ore in Minas Gerais and Mato Grosso do Sul.
MMX said it emerged practically free of bank debt after last
month's sale of 65 percent of its Porto Sudeste do Brasil to
Dutch trading company Trafigura Beheer BV and Abu
Dhabi sovereign wealth fund Mubadala Development Co.
MMX agreed in September to cede control of the iron ore port
and terminal in Rio de Janeiro state in exchange for $400
million of new investment and debt relief, an effort to halt the
decline of Batista's once high-flying EBX group.
The Sudeste Port will initially handle 50 million tonnes of
iron ore when commercial operations start later this year.
MMX said it was seeking a partner to expand its Serra Azul
iron ore mine in Minas Gerais state to 15 million tonnes a year.
The company, which has divested assets and written down the
value of its projects as it tries to regain investor confidence,
sold a mine in Chile and is looking to sell its Corumba mine in
Mato Grosso do Sul, the filing said.
($1 = 2.3077 Brazilian reals)
(Reporting by Anthony Boadle; Editing by Stephen Coates)