RIO DE JANEIRO -(Dow Jones)- Brazilian mining company MMX Mineracao e Metalicos SA (MMXM3.BR) said discussions were on track for a steel mill joint-venture with China's Wuhan Iron & Steel Co. (600005.SH).
"Discussions are progressing and we're confident they are moving on schedule," MMX CEO Roger Downey said during a third quarter earnings conference call Thursday.
MMX announced May 19 the signing of a memorandum of understanding with the Chinese company to create a potential partnership to explore mining and steel projects in Brazil.
Under the accord, Wuhan would invest jointly with both MMX and MMX's sister logistics company LLX Logistica S/A (LLXL3.BR).
The companies could also build a steel unit with a capacity of 5 million metric tons a year, MMX and LLX said in a joint statement in May.
The mill is expected to be built at LLX's new port of Acu in northern Rio de Janeiro State.
MMX and LLX didn't say how much the Chinese company would invest.
-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086;
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