As per the agreement, MMX will receive a royalty on every ton of iron ore produced by Cooper Mining once the Chilean company begins commercial mining production from the assets, MMX said in a filing.
Financial details of the transaction have not been divulged.
According to MMX’s statement, the sale of the assets in Chile is expected to maximise the company’s portfolio as well as to simplify the shareholder structure.
MMX, which was created in 2005, is controlled by Brazilian industrialist Eike Batista.
