Mubadala Brazilian Iron Ore Port Loses Key Contract
Usinas Siderurgicas de Minas Gerais SA (Usiminas), one of Brazil’s largest steelmakers, moved to terminate its iron ore shipment contract with MMX Sudeste Port. Historically low prices of iron ore was a factor. The port is fighting back, taking all appropriate measures including arbitration. The contract was signed in February 2011.
Sudeste Port is a private terminal close to Rio de Janeiro. The port is 65% majority-owned by Trafigura Beheer BV, a Dutch multinational commodity trading company, and Mubadala Development Co. MMX Mining holds a 35% stake in the port. The terminal will have an initial capacity to manage 50 million tons of iron ore per annum.
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