OREANDA-NEWS. MMX entered into agreements for the lease of mining rights in Corumbá, Mato Grosso do Sul, which envisage the assumption of certain contracts.

MMX entered into agreements for the lease of mining rights in Corumbá, Mato Grosso do Sul, which envisage the assumption of certain contracts.

The leasing of these mining rights contemplates an iron ore processing plant with annual production capacity of 2 million tons of iron ore, mining rights requisitions and concessions, and mine survey requisitions and permits for an area of over 100.000.000 m² and a stock of already mined iron ore.

As per the agreement, the lease value is a fixed annual amount of five hundred thousand U.S. dollars (USD 500.000, 00) to be paid in monthly installments of one-twelfth (1/12) of said amount, in Brazilian real, from the 4th month of the date of signing the agreement and valid for 36 months, and this amount could be partially reduced when the acquisition of all the shares issued by MMX Corumbá by Vetria is concluded.

The transaction also includes the signature of a document, to be executed by Vetria, for a future acquisition of the whole shares issued by MMX Corumbá.

Both the leasing of mining rights and the possible acquisition of all the shares issued by MMX Corumbá by Vetria are conditioned on the fulfillment of certain conditions precedent, which include obtaining the respective approvals from the appropriate government authorities, including release of the tax lien on the shares issued by MMX Corumbá in order to sell the asset.