Record $62 billion to be invested in Brazilian mining
Monday, August 9, 2010 at 07:12PM
Miners to invest $62 billion in Brazil through 2014
RIO DE JANEIRO (Reuters) - Mining companies will invest a record $62 billion in Brazil through 2014, the country's mining industry associating said on Monday, boosting a previous forecast of $54 billion for the same period.
"It's a new record," said Paulo Penna, president of the mining group IBRAM that represents private companies in Brazil.
New operations that helped boost the previous figure include several small gold mining projects, a new iron pelletizing unit, a vanadim mine and a copper project.
Penna said mining exports in 2010 should reach $25 billion, $20 billion of which will come from iron ore. Mineral imports will reach about $6.5 billion, with minerals used for fertilizers making up about $3 billion of that.
Brazil's mining sector has expanded in recent years as rising prices driven by strong demand among developing nations has boosted prices for minerals, particularly iron ore.
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