Brazilian mining and metals company MMX Mineracao e Metalicos SA (MMXM3.BR) said Wednesday the company has not reached any deals to sell its iron ore assets.

In a regulatory filing, MMX acknowledged that it was closely watching the current wave of consolidation in the mining sector for opportunities.

MMX "remains attentive to the consolidation movement the business segment is currently passing through and believes that this movement could generate important business opportunities for the company."

The company said that it regularly maintained "understandings" with other companies and financial institutions, but that "at the present time, no negotiations related to the sale of MMX's iron ore mining assets had been completed."

The statement followed intense speculation that MMX, a key part of Brazilian billionaire Eike Batista's empire, could be sold to generate cash for investments in Batista's OGX Petroleo e Gas Participacoes SA (OGXP3.BR, OGXPY).

On Tuesday, ArcelorMittal Serra Azul Director-President Sebastiao Costa Filho told Dow Jones Newswires that the world's biggest steelmaker was in talks to purchase some assets from MMX. ArcelorMittal Serra Azul is the ArcelorMittal's (MT) Brazil-based iron ore unit.

"We'll be having a meeting on Friday in ArcelorMittal's merger and acquisitions department in London to deal with this matter," Costa Filho said.

Other interested parties may include Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA (USNZY, USIM5.BR), or Usiminas; China's Wuhan Iron & Steel Co. (600005.SH) and U.S. mining company Cliff Natural Resources Inc (CLF).

Analysts estimate that MMX mine and related assets in Brazil and Chile may be worth as much as 8.03 billion Brazilian reals ($4.57 billion), or about BRL17 a share.

MMX shares traded 6.1% higher at BRL13.47 per share as of 1545 GMT on the Sao Paulo Stock Exchange. The broader market as measured by the Ibovespa stocks index was 0.1% lower at 67963 points.

-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; jeff.fick@dowjones.com

(Diana Kinch contributed to this report.)
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal