Impala, a wholly-owned subsidiary of the Trafigura Group ("Impala"), and Mubadala Development Company PJSC ("Mubadala") announced today the completion of their acquisition of a controlling stake in Porto Sudeste do Brasil SA ("Porto Sudeste").
With the closing of this transaction, Impala and Mubadala together hold a 65 percent ownership of the Porto Sudeste and MMX Mineração e Metalicos SA ("MMX") retains the remaining 35 percent interest. Today's closing follows on the Memorandum of Understanding the three parties signed on September 10, 2013.
Additionally, members of Porto Sudeste announced the appointment of Eugenio Mamede as Chief Operating Officer of the new operation. Eugenio Mamede brings a distinguished track record in the mining and extractives sector both in Brazil and abroad.
"This is a positive transaction for Impala, Mubabala Development Company and MMX. Improving Brazil's infrastructure benefits all stakeholders in the iron ore industry. Once fully operational, Porto Sudeste will provide additional capacity, improved access to export markets for iron ore producers and unlock Brazil's production overall," said Mariano Marcondes Ferraz, a member of the Porto Sudeste Consortium Board.
The Porto Sudeste is a major iron ore port terminal in Brazil located in Itaguai, Rio de Janeiro state. The terminal is designed to handle Panamax and Capesize vessels and has capacity to handle 50 million tons per year with future expansion to 100 million tons per year. Construction work on the port began in July 2010, with commercial operations expected to begin in Q3 2014.
For further information contact Impala's Global Press Office,
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Established and owned by the Government of Abu Dhabi, the company's strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and that contribute to the growth and diversification of its economy.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, semiconductors, metals & mining, oil & gas, renewables, information communications & technology, healthcare, real estate & infrastructure, and services. For more information about Mubadala visit www.mubadala.ae
Impala is a wholly owned subsidiary of Trafigura, one of the world's leading international commodity traders, registered in the Netherlands. Impala owns and operates a network of over 50 terminals in more than 30 countries that facilitate global trade flows of essential commodities. The company specialises in providing port, LME and non-LME warehouse facilities and multi-modal logistics services that give access to markets and new opportunities. For more information about Impala please visit: www.impalaterminals.com