Brazil’s iron ore producer MMX announced on June 22 that it has received a non-binding invitation from Wisco which was interested in buying 9.09 percent of shares in MMX and 23 percent of shares in its subsidiary, MMX Sudeste, for a total amount of $400 million. According to a MoU reached with MMX on May 19, Wisco was also planning to build a five million t/y steelworks in Rio de Janeiro with an investment of $4 billion. The Chinese mill has accelerated the exploration of overseas iron ore resources since early this year by tapping assets in Canada, Australia and Madagascar