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Case Study

Serra Azul iron ore complex


Partnering with MMX to determine the best path forward for their expansion project.

The situation

MMX planned a US$2.5 billion expansion of its Serra Azul iron ore complex - one of the largest operations in South America, located in Brazil’s famed Iron Quadrangle of Minas Gerais.

Wanting to triple the complex’s current capacity to 29 million tonnes per year, MMX ask Advisian to prepare a detailed report investigating both the mine development and pit-to-port logistics capabilities, as well as an analysis of its potential for financing.

Our approach

We investigated all aspects of the expansion project - technical, commercial, mining and environmental - and evaluated the construction and mining operations requirements.

In particular, we reviewed the potential project finance structures and market inputs such as offtake and costs of finance as well as potential finance products. To do this we undertook financial modelling, risk mitigation analysis and presented a range of scenarios for financial and commercial implementation.

MMX Board Member and Director for New Business and Project Deployment and Operations, Antonio Alberto Froes Schettino, stated MMX was “very pleased with Advisian’s professionalism, work ethic and specialist advice”.


  • Advisian brought the required expertise to the development, allowing the project to be promptly sanctioned and funded.

  • The comprehensive conceptual design package enabled work to proceed, meeting the required execution timing to bring additional gas resources on-line for the project.

  • Major design issues were comprehensively addressed in the concept phase, setting a firm basis for the development and hand over to the delivery team.