MMX Mineracao e Metalicos has appointed two banks to raise $1.8 billion, The Wall Street Journal reports. The Brazilian mining company has named Banco Itau and WestLB do Brasil to raise the new funds from national and international banks along with development banks and export-credit agencies.
The proceeds are expected to be used for the expansion of iron-ore mines in Minas Gerais state, which is estimated to require an investment of about $2.55 billion. The banks will be responsible for structuring financing for the project.
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