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MMX Mining and Metal Shares – Company in Judicial Recovery of Former Billionaire Eike Batista Plummet on the Stock Exchange
Former billionaire Eike Batista sees the MMX shares, currently in judicial recovery, melting down on the stock exchange after the mining company was summoned by the Justice of Rio de Janeiro to pay R$ 3.4 billion in tax debts. The amounts were updated until November 2020.
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The warrant was received by the company last Friday (16) and was issued by the 5th Tax Execution Court. The lawsuit is filed by the Federal Revenue and refers to the non-payment of Income Tax and Social Contribution on Net Profit (CSLL) on the sale of 30% of the Minas-Rio and Amapá projects in 2007.
“The Tax Execution originates from alleged obligations to pay Corporate Income Tax (“IRPJ”) and Social Contribution on Net Profit (“CSLL”) related to the disposals of equity interests of Centennial Asset Mining Fund LLC (“CAMF”, one of the controlling shareholders of MMX) in the capital (i) of Centennial Asset Participações Amapá S/A to Cleveland-Cliffs, Inc and (ii) of Centennial Asset Participações Minas-Rio S/A to Anglo American Participações e Minerações S/A (“Anglo”), both occurring in 2007, which resulted in the disposal of 30% of the Minas-Rio and Amapá Projects,” it reported.
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MMX “Studies the Best Strategy to Preserve the Interests of Its Shareholders and Creditors”
According to the relevant fact released on Monday (19), MMX “is studying the best strategy and the most appropriate measures to preserve the interests of its shareholders and creditors, given the impact of the tax execution on its business and its new judicial recovery plan,” it stated regarding the events of former billionaire Eike Batista.
In October 2020 (the most recent data), Eike held 18.95% of the mining company, and the Centennial Asset Mining Fund, a vehicle that gathers various investors, holds 21.04%.
Eike Closes Partnership with China and Gains ‘Infinite’ Capital to Implement Oil and Gas, Mining, Renewable Energy, and Infrastructure Projects in Brazil
After seeing his empire crumble, former billionaire Eike Batista has spent his time nurturing a list of at least 11 projects he calls ‘unicorns,’ which includes 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 work as follows: Eike provides his pipeline of projects (including assets and optioned assets) and CDIL provides the apparently infinite capital, in addition to bringing various Chinese banks and state-owned enterprises that will be responsible for providing machinery, equipment, and services, and when it comes to agricultural or metallic commodities, they will guarantee the purchase of production in the form of offtake agreements.
Eike “is one of the largest developers of natural resources in history,” the CDIL chairman, Andy Lai, said to Brazil Journal in a Zoom call from Hong Kong. “He developed one of the largest mines in the world [the Minas-Rio project, which now belongs to Anglo American], knows the data about the large untapped reserves, and has set up the largest infrastructure projects in Brazil. For us, leveraging his knowledge and experience is a wise move.”
For the Chinese CDIL, their joint investments with Eike will reach tens of billions of reais, from mining to infrastructure. The MMX mining company is the first test of the new partnership, and announced last week that CDIL is negotiating with creditors regarding the company’s debts and aims to pull it out of judicial recovery.
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