Brazilian mining company MMX, controlled by billionaire magnate Eike Batista, said that a certification study showed the firm's iron ore resources stood at 3.1 billion tonnes, more than twice the previous estimate.
MMX in a statement that SRK Consulting carried out the study at Serra Azul its principal mine, as well as the Pau de Vinho mine. The new estimate was 106 percent higher than the previous one in March.
Mr Roger Downey president said the resources are sufficient for MMX to reach its production target of 46 million tonnes of iron ore per year by 2016.
(Sourced from Reuters)
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