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Mubadala, Trafigura complete 65% stake buyout in Brazilian iron ore port terminal

March 2, 2014 3:12 am

Mubadala and the world’s second-biggest metals trader, Trafigura Group, have said they have completed their acquisition of a 65% stake in a Brazilian iron ore port terminal from MMX Mineração e Metálicos, in a deal worth approximately $955m, The National has reported. MMX, owned by the beleaguered Brazilian tycoon Eike Batista, retains a 35% interest in the port, as part of the agreement that was signed in October. Porto Sudeste is designed to handle 50 million tonnes of iron ore per year, with future expansion to 100 million tonnes per year.