OREANDA-NEWS. October 20, 2011. MMX, a mining company that is part of entrepreneur Eike Batista’s EBX Group, announced today that Guilherme Escalhao has been appointed CEO and Investor Relations Officer in the place of Roger Downey, who has resigned for personal reasons.

After more than two years as CEO, Roger Downey is succeeded by Guilherme Escalhao, reinforcing MMX's promotion of home-grown talent. The appointment of Guilherme Escalhao by the Board of Directors is recognition of his leadership skills and broad experience in the mining area.

The new CEO of MMX holds an undergraduate in Business Administration from FGV-RJ with further professional development at INSEAD (France), MIT (USA) and IMD (Switzerland). He has more than 25 years experience in the mining sector, having served in management positions in Vale and in the Caemi group (MBR, CADAM and MSL Minerals). Guilherme Escalhao was CEO of Para Pigments S.A., a

Member of the Board of Directors of MRS Logistica S.A. and CFO of LLX Minas Rio S.A.. Since January this year he has been CFO of MMX.

"It is with extremely mixed feelings that I informed the Board of Directors today of my intention to step down as CEO of MMX. My reasons are entirely and exclusively of a personal nature. It was a huge pleasure to serve MMX for just over two years, during which time I dedicated myself fully to the achievement of the goals that we set for this formidable Company. We have made extraordinary progress in MMX these last two years. The company has never been in better shape and a unique business model was created based on the vision, impeccable timing and genius of its founder and Chairman Eike Batista. Furthermore, the partnerships with Wisco and SK have strengthened our company. In my humble opinion, we have one of the best iron ore projects globally. A critical factor towards the success we have achieved is the high caliber team of people we have at MMX today. This was clearly shown in the approval given by the Board of Directors today of my indication of Guilherme Escalhao, our CFO, as my successor as CEO of MMX, to continue the work we started together. Finally, I would like to thank everyone for the trust you have placed in me. I sincerely wish MMX every success as I know it is capable of achieving. I remain a big believer in the story!" states Downey.

"It is with great pleasure that I assume the Presidency of MMX to continue the work started by Roger. The expansion project for MMX is differentiated by bringing together all the essential elements for its success, and by working within a solid business model. The logistic integration of the resources of Serra Azul with the Sudest Superport ensures access to the seaborne market, where we already have demand ensured by long-term contracts with our strategic partners. It will be rewarding to lead this outstanding team in the development of this company with such a promising future" says Guilherme Escalhao, CEO of MMX.

Guido Germani is taking over as CFO in the place of Guilherme Escalhao. Germani joined MMX as General Manager for Business Development in 2009. He graduated in Business Administration from Universidade Candido Mendes-RJ, with an MBA in Finance from IBMEC-RJ and an MBA in Marketing from PUC-RJ. Germani has worked in the financial and business areas for 23 years, as consultant, treasurer and CFO in companies such as Arthur Andersen, Lachmann, Globosat, Fininvest, Mirabela Nickel, Odebrecht, WilsonSons and Coca Cola in Brasil and in Angola.

"I am very sorry to see Roger leave, and I thank him for his recommendation of Guilherme Escalhao, which made me realize that our teams have competent professionals who are ready to take on new challenges at any time," commented Eike Batista, CEO of the EBX Group and of the Board of Directors of MMX, adding that "this transition happened naturally and transparently. I want to thank Roger Downey for his exceptional work heading up MMX and wish much success to Guilherme Escalhao in continuing it", concluded Eike Batista.