Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Brazil’s National Mining Agency (ANM) has suspended a mining concession lease agreement that allowed Brazilian miner MMX Mineração e Metálicos (MMX) to explore the Emma iron ore mine.


The resumption of this mine would have been key for MMX to improve its financial status after the firm filed for bankruptcy protection in 2018, according to media reports. During the bankruptcy process, MMX had signed an agreement to grant the exploration rights for its mines to Vetorial, through a court order. 


The miner then challenged the same court order to regain its access to the mine, leading to the latest suspension by the ANM, per reports. The Emma iron ore mine is located near Corumbá in the Mato Grosso do Sul province in Brazil. 


Brazil’s iron ore and concentrates shipments rose by 10.8pc to 24mn mt in February at an average price of $119.8/mt, from 21.6mn mt in the same month last year according to customs statistics.


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