Brazil's MMX is one of the largest miners in Latin America and CEO Roger Downey says it expects iron ore to jump back to $200 by the end of the year. MMX trades in the United States as MMXMY ( quote ) and is owned by the colorful and extremely wealthy Eike Batista. We usually look to VALE ( quote ) for Brazilian iron and in fact will suggest that ticker again here. VALE gets thrown around a lot because of its weighting in EWZ ( quote ) and the Bovespa in general, but use Brazil's overall market weakness to buy. The fact is, iron is on the verge of a comeback from current levels around $160 to $170. Note that RIO ( quote ) just paid the government of Guinea $700 million to start ore production there with the goal of shipping its first rock in 2015. This is a major project and will require a vast amount of money, but it tells you about the supply/demand equations. Iron ore soared 52% in 2010 and after a healthy move lower in February through March is now coming back on. But prices here are still 10% off their lows. Downey says supply should stay tight through at least 2013. Ultimately good for all the big ore producers, including BHP ( quote ).