OREANDA-NEWS. MMX, the EBX Group mining company, discloses that it has concluded with the Banco Nacional de Desenvolvimento Economico e Social (BNDES) the final step in the contracting of supplementary long-term financing for the Sudeste Superport.

The total amount of this supplementary financing using FINEM, a business development credit line, is approximately BRL 935 million with a maturity date 10 years from January 2013, already considering the 12-month grace period for payment of interest and principal. After the grace period, interest payments and amortization of principal will be on a monthly basis. MMX estimates that it will draw down the first tranche over the second quarter of 2013, after finalizing all stages for formalization and setting up of guarantees. This disbursement will allow MMX to lengthen a significant portion of its short-term debt.

This financing contract represents another important milestone in the SudesteSuperport project, for which start-up of operations is scheduled for December 2013. The start-up of operations of the SudesteSuperport is a priority focus of the Board of Directors. Long-term access to a proper infrastructure for export will allow MMX to act more efficiently and competitively in the seaborne iron ore market, with better margins and a more robust capital structure.