In 2008, MPX announced the plans for a new Ocean Port for Rio de Janeiro: Porto do Açu.
Strong believing in the prospects of logistic players in Brazil, why bought MPX at 6,95 R$ mid January; today they are trading at 17,85 R$, that is a 156% profit. We believe the stock has the potential to go above 40 R$ by mid 2010.
Port Açu will start operations in 2010. It is located 280 km Northeastfrom Rio, just up from Macae and will be serving Rio, Minas Gerais, Espirito Santo and the oil rigs of the Macae area.
The Port, located approximately 280 km northeast of Rio, is under construction and should be completed by the end of 2011.
On July3d, the Governor of Rio de Janeiro State, announced that the Chinese company WISCO will construct a steel mill at Porto do Açu in partnership with Grupo EBX investments. The project will create 20.000 jobs. Grupo EBX is of Brazil’s richest man Eike Batista.
A few days later, China’s JAC Motors confirmed that they will build a vehicle plant in Brazil, also in the new Porto do Açu. The link with the steel mill of WISCO is clear. JAC Motors is China’s leading bus chassis manufacturer. It produces 450,000 vehicles a year including light trucks and multipurpose vehicles.
We’ll keep a close eye on the developments there.
Brazilian real estate & private equity - Vinlanda - WillPower Group posted on October 17th, 2009 at 4:29 am
[...] in Rio de Janeiro, Eike Batista, Brazil’s richest man is building Porto Açu, a complete new harbor and container [...]