Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg News

MMX Ordered to Pay Tax Bill Equaling Four Times Annual Sales

January 08, 2013

MMX Mineracao (MMXM3) & Metalicos SA, the mining company controlled by billionaire Eike Batista, was ordered to pay 3.76 billion reais ($1.86 billion) in back taxes, more than four times its estimated 2012 sales. Shares fell.

Brazil’s Internal Revenue Service said taxes are due after Anglo American Plc (AAL) boosted its stake in the Minas-Rio mining business, Rio de Janeiro-based MMX said in a regulatory filing today. The agency also claims back taxes on gains related to share sales between companies that indirectly control the miner, according to a regulatory filing today.

MMX, which plans to appeal the ruling, said it won’t make provisions for the payment. The total claim is more than four times its estimated 2012 sales of 839 million reais, the median of 11 analysts in a Bloomberg survey.

MMX dropped 4 percent to 4.27 reais at 1:22 p.m. in Sao Paulo. Earlier, the stock fell as much as 4.5 percent to the lowest since Dec. 18.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at

To contact the editor responsible for this story: James Attwood at

blog comments powered by Disqus