OGX Petroleum (OGXPY.PK) soared 48% in Sao Paulo and 60% on the U.S over-the-counter market today amid speculation Eike Batista would leave the company he founded in a possible agreement with creditors.
MMX Mineracao & Metalicos (MMXMY.PK), the former billionaire’s mining unit, also surged as buyers acquired a controlling stake in its iron ore port in Brazil.
OGX shares nevertheless have slumped 92% YTD in Sao Paulo.
"Hello. Time for Americans to wake up," says Brazilian mining tycoon Elke Batista as 60 Minutes reports on "The Next Economic Superpower." Possibly the world's greatest beneficiary of Chinese demand, labor is in such shortage that Batista is bringing in American welders for his shipping platforms. Overheating is a fear.
In order to keep up with seemingly insatiable Asian demand, Brazilian miner MMX (MMXMY.PK -3.3%) will invest $2.9B to increase production at existing projects. This follows last week's news of MMX's $2.2B purchase of iron-ore shipping port, PortX.