Serra Azul is a mid-sized surface mine complex in Brazil's Quadrilátero Ferrífero (QF) region in the state of Minas Gerais. It is 100% owned by Mineração Morro do Ipê (MMI), a jointly-owned subsidiary of Trafigura and Mubadala. In August 2014, Serra Azul's former owner, MMX, announced that it would be idling the operations at the mine for 30 days following significant declines in global iron ore prices. Shortly thereafter, in early October, the company filed for bankruptcy protection. As a result, all MMX's mining operations were permanently suspended in 2015.