Bloomberg News

Ferrous Resources CEO Quits as Iron-Ore Miner Seeks Partners

February 01, 2012

(Updates with comment from chairman in final paragraph.)

Jan. 19 (Bloomberg) -- Ferrous Resources Ltd. Chief Executive Officer Mozart Litwinski resigned as the iron-ore producer seeks partners to fund Brazilian mining projects.

“I need to devote more time to my family and my personal business interests,” Litwinski said in a statement. The company will be led by Chief Financial Officer Andre Simao and Chief Operations Officer Antonio Rigotto until a successor is named.

Ferrous is competing with Brazil’s Vale SA and MMX Mineracao & Metalicos SA to meet rising Chinese demand for the steelmaking ingredient. The Belo Horizonte-based company, which has sought a strategic partner since at least 2009, produced its first iron ore last year and agreed on shipment contracts with Glencore International Plc and Noble Group Ltd.

Litwinski’s decision to step down was “planned and calm,” Ferrous Chairman Jorio Dauster said today in a telephone interview. “He had already indicated that he wanted to spend more time with his family at the end of his contract.”

--Editors: Amanda Jordan, Tony Barrett

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net


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