Bank of America (NYSE:BAC) Slashes MMX (OTC:MMXMY.PK) on Higher Spending

Bank of America (NYSE:BAC) cut their rating on MMX Mineracao e Metalicos SA, citing higher than expected capex.

The giant financial institution had estimated capital expenditures at $2.2 billion, and they have come in at $2.9 billion, generating the downgrade on the mining company.

Major expenditures will be at their Serra Azul and Bom Sucesso projects.

Bank of American lowered their rating on MMX from "Buy" to "Neutral."

Brazilian billionaire Eike Batista controls MMX.