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MMX Mining and Metals Stocks Come Back on Investors’ Radar and Soar on the Stock Exchange with Partnership Between Eike and China
After the big news that Eike Closes Partnership with China and Gains ‘Infinite’ Capital to Implement Oil and Gas, Mining, Renewable Energy, and Infrastructure Projects in Brazil, MMX stocks, the company in judicial recovery of the former billionaire, soar on the stock exchange.
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MMX Mining and Metals, a company from the EBX group that operates in iron ore mining, has come back on investors’ radar since mid-March, after soaring more than 500% in 2020.
In 2021, the assets have accumulated gains of 63.47%, considering the closing until last Tuesday, and since the closing on March 18 until the last session, accumulated gains were 84%.
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MMX Mining and Metals Believes That the Fluctuations May Be Related to the Announcement of the Partnership Between Eike and China Development Integration Limited (CDIL)
MMX claims to not be aware of other relevant actions that could justify the fluctuations of MMX stocks on the stock exchange, other than the fact that they may be related to the events disclosed in March this year, when the company “informed the market about the negotiation and the possible investment of China Development Integration Limited (CDIL) in the company and its subsidiaries, which would enable the payment of creditors and the resumption of its operations.”
MMX reported that it is in negotiation with CDIL, a company based in Hong Kong, China, that develops large infrastructure, engineering, and mining projects in various countries, which has expressed interest in making an investment for the development of the company’s assets.
“The negotiation aims at the exploration of mines owned by the company, especially the Bom Sucesso Mine, from MMX Sudeste Mining. The negotiation is part of the current administration’s effort to promote economic restructuring and organize the payment of all MMX and its subsidiaries’ creditors in a viable manner,” the statement informed, highlighting that there was no contract or binding document executed between the parties at that time.
Abradin Claims That the Relevant Fact Disclosed by Eike’s Company is “Lying and Fantastical”
Subsequently, on the 25th, Eike’s company stated that MMX, its subsidiaries MMX Sudeste Mining, MMX Corumbá Mining, Rubicon Capital Partners Business Development Ltd. and China Development Integration Limited signed a term sheet, a type of letter of intent entered into between the companies involved in the business, stipulating terms and conditions for the investor’s contribution.
The investment from CDIL in MMX or its subsidiaries anticipated in the Term Sheet has among its precedents the amendment of the decision by the Judicial Recovery court rendered on August 21, 2019, which declared the bankruptcy of MMX and MMX Corumbá, the presentation of a new Judicial Recovery plan for MMX and MMX Corumbá, whose terms and clauses must be accepted by the investor, as well as its approval by the respective creditors, and the Plan must provide for the allocation of the investment, in addition to the signing of an Addendum to the Judicial Recovery Plan of MMX Sudeste.
Abradin – Brazilian Association of Investors criticized the statement, claiming that the relevant fact disclosed by Eike’s company is “lying and fantastical” and that it has the “power to manipulate the capital market, harming investors.”
What caught Abradin’s attention was the intention to relate the contribution of US$ 50 million to a turnaround in the bankruptcy process of MMX Corumbá, to be judged soon in the Court of Justice of Rio de Janeiro, and to the approval of a new judicial recovery plan for the company. “There is evidence that this investment is being used as a way to manipulate the market and the Justice, in order to reverse the bankruptcy of the company,” said Aurélio Valporto, president of Abradin, to Veja.
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