China's joint investments with Eike will reach tens of billions of reais, in oil and gas, mining, renewable energy and infrastructure projects.
Allied with the Chinese, former billionaire Eike Batista is trying to buy back Porto do Açu, which once belonged entirely to MMX, a company of the EBX group, with the help of the company China Development Integration (CDIL). In addition, Eike wants to return to the role of protagonist and is looking at the construction of a solar plant with the capacity to generate 1.100 megawatts, in partnership with the Taiwa company. He also has other projects lined up in the mining area to be installed in Porto.
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The construction of a solar energy park with a capacity of 1.100 megawatts, with the first 300 being built in an area adjacent to the Port of Açu, should have the panels provided by China's Trina Solar, one of the largest producers of solar panels in the world.
Eike signs a partnership with China and gains 'infinite' capital to put oil and gas, mining, renewable energy and infrastructure projects into practice in Brazil
After seeing his empire go downhill, former billionaire Eike Batista has been busy nurturing a list of at least 11 projects he calls 'unicorns', which include a gas pipeline linking Brazil to Paraguay, new gold mines, renewable energy and nanotechnology.
The new business between the Chinese and the former billionaire will be as follows: Eike contributes his pipeline of projects (including assets and optioned assets) and the CDIL provides the apparently infinite capital, in addition to carrying with it several Chinese banks and state-owned companies that will be responsible for supplying machinery, equipment and services and, when it comes to agricultural or metallic commodities, will guarantee the purchase of production in the form of offtake agreements.
Eike “is one of the greatest developers of natural resources in history,” CDIL chairman Andy Lai told Brazil Journal in a Zoom video call from Hong Kong. “He developed one of the largest mines in the world [the Minas-Rio project, which today belongs to Anglo American], he knows the data on the large reserves still unexplored and he set up the largest infrastructure projects in Brazil. For us, leveraging their knowledge and experience is wise.”
“The Chinese saw Açu, OGX and MMX and they said, 'Eike thinks a lot like us, but all that he did is something for governments to do, it's on a government scale',” said Pedro Guimarães, from Rubicon. According to him, Eike will contribute with his “structuring head”, and the CDIL will help with management capacity.
Eike and China announce partnership and shares of MMX – company undergoing judicial recovery of the former billionaire, soar on the stock exchange
After the big news that Eike signs a partnership with China and gains 'infinite' capital to put oil and gas, mining, renewable energy and infrastructure projects into practice in Brazil, the shares of MMX, the company undergoing judicial recovery of the former billionaire, skyrocket on the stock exchange.
MMX Mineração e Metálicos, an EBX group company that operates in iron ore mining, have returned to investors’ radar since mid-March, after jumping more than 500% in 2020.
In 2021, the assets accumulate gains of 63,47% taking into account the closing until the last Tuesday and, since the closing of March 18 until the last session, the accumulated gains were 84%.
