Brazil's mining investment will exceed $40 billion in the next five years

Seetao 2022-05-06 10:25
  • Brazil's mining revitalization plan will be an important attempt to improve the economy by exploiting its natural resources
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In the context of the global new crown pneumonia epidemic, the world economy has suffered a serious impact. In order to revive the economy, according to MiningWeekly, citing Reuters, the Brazilian Mining Association (Ibram) estimates that the mining industry in Brazil will grow in the next five years (2022-2026). Investment is expected to reach $40.44 billion, a decrease of $0.9 billion from 2021-2025.

Ibram's members include major mining companies, steel producers and fertilizer producers operating in Brazil, including Vale, Anglo American, Rio Tinto, Vallourec, Usiminas, Gerdau and Yara International.

The association said 54% of the investment will go to new projects, with the remaining 46% going to ongoing projects. About 10 percent of the projects will go to social-environmental projects, the association said.

Minas Gerais, Brazil's largest mining state, will attract US$11 billion in investment during this period, significantly higher than the US$6 billion in the northeastern state of Bahia. Investment in iron ore projects is estimated at US$13.6 billion, of which US$7.7 billion has been invested in ongoing projects.

Ibram estimates that investment in fertilizer projects will reach $5 billion over the next five years, most of which will go to new projects. In the next five years, bauxite and gold mining investment is expected to reach 5.57 billion US dollars and 2.9 billion US dollars. Editor / Xu Shengpeng