Brazilian miner MMX Mineracao e Metalicos SA(SAO:MMXM3) expects to pay off US$600 million of debt next year. The payment would be made from the US$400 million MMX stake purchased by China's Wuhan Iron & Steel Group ( SHA:600005). Last month MMX sold a 22 percent equity stake in the company to Wuhan Iron and Steel Co. MMX would raise a further $250 million in 2010 from a share subscription involving its minority shareholders. After debt reduction the company could seek more credit from new sources, such as the China Development Bank, said MMX President Roger Downey. The company will invest up to US$1.2 billion to more than triple iron ore production capacity by 2015.
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Brazilian miner MMX Mineracao e Metalicos SA(SAO:MMXM3) expects to pay off US$600 million of debt next year. The payment would be made from the US$400 million MMX stake purchased by China's Wuhan Iron & Steel Group ( SHA:600005). Last month MMX sold a 22 percent equity stake in the company to Wuhan Iron and Steel Co. MMX would raise a further $250 million in 2010 from a share subscription involving its minority shareholders. After debt reduction the company could seek more credit from new sources, such as the China Development Bank, said MMX President Roger Downey. The company will invest up to US$1.2 billion to more than triple iron ore production capacity by 2015.