Brazil’s iron ore producer MMX announced on June 22 that it has received a non-binding invitation from Wisco which was interested in buying 9.09 percent of shares in MMX and 23 percent of shares in its subsidiary, MMX Sudeste, for a total amount of $400 million. According to a MoU reached with MMX on May 19, Wisco was also planning to build a five million t/y steelworks in Rio de Janeiro with an investment of $4 billion. The Chinese mill has accelerated the exploration of overseas iron ore resources since early this year by tapping assets in Canada, Australia and Madagascar...

The full text is available in the July Issue of China Steel.Please visit E-shop（http://eshop.chinadaily.com.cn/）for more subscription details.