Reports emerged Tuesday that Brazilian billionaire, Eike Batista, the wealthiest man in the Latin American country, is considering disposing off his stake in the mining firm, MMX to foreign investors. According to the reports published in the Estado de Sao Paulo newspaper Tuesday, the billionaire is keen on focusing his investments in the energy sector and might be seeking investors to sell the stake to.

In that respect, the newspaper reported that the billionaire was already in talks with the US based company, Cliffs Natural Resources over the acquisition of his 43.55% stake in MMX. However, the newspaper further added that India’s foremost steel manufacturer, ArcelorMittal was as well being considered by Eike as one of the possible investors. As such, the two firms are said to be pursuing the stake and may be making an announcement soon if any of them is successful.

As it is, the newspaper gave no particular details as to the source of its report, but reiterated that individuals close to the deal had disclosed the information. It thus remains to be seen what might transpire but the billionaire has expressed his interest before in further investments in the energy sector, signaling that he might be keen on departing the mining business.

Other than selling of his stake in MMX, the paper further said that the billionaire was as well keen on selling the southeast port terminal in the Rio de Janeiro state, for which his logistics firm, LLX runs. However, when reached for comments over the conjecture, a company official from the billionaire’s company, EBX that runs both the MMX mining stake, LLX and the billionaire’s other businesses declined to comment on the speculation.

Eike Batista is considered the 8th richest individual in the world and has acquired his wealth over the years through initial public offerings of his mining, oil, energy and logistics businesses. Back in 2007, the Brazilian entrepreneur started his latest company, OSX, shipbuilding and oil services company and the firm went public in 2010 as the billionaire aimed at taking advantage of the expected increase in demand for oil platforms, ships and services from oil firms that are seeking to take advantage of Brazil’s immense deep-water oil riches.

In 2009, Batista disposed off about 21.5% of MMX stake to Wuhan Iron and Steel Co, a Chinese steel manufacturing company for an estimated $400 million.

3 Aug 2010.