Eike Batista cut output and jobs at one of his iron-ore mines. The move taken by the Brazilian billionaire was to contain spending in the latest move to save his empire's commodities.

MMX Mineracao & Metalicos SA, Batista's iron-ore producer, would suspend operations at the Corumba mine. The suspension would last six months having some of its workers got fired. Some employees got training courses offer according to a regulatory filing submitted yesterday after the trading closed. Last year, MMX was able to produce a total of 7.4 metric tons of iron and ore with Corumba accounting for about 1.4 million of its production.

Earlier, the Brazilian billionaire Batista announced stepping down from his post as the chairman of MPX Energia SA. The move was taken as a part of a capital increase agreement with partner E.ON SE. Batista planned to sell assets and renegotiate debt in his companies after losing about US$30 billion of personal wealth last year. The losses were from missed targets and cancelled projects of his company.