Brazil's MMX said late Wednesday it approved the lease and possible sale of its Corumba, high-grade iron ore unit, part of efforts to raise cash and restructure the troubled mining company controlled by Brazilian tycoon Eike Batista. The Rio de Janeiro-based company, formally known as MMX Mineracao e Metalicos SA, did not name the person or company that has agreed to lease the mining rights of its MMX Corumba unit in Brazil's Mato Grosso do Sul state near the Bolivian border. The plan was approved by the MMX board, the company said in a securities filing. MMX shares rose 0.55 percent in late-morning trading in Sao Paulo Thursday, putting the stock on track for its biggest one-day gain in nearly two weeks.