Brazilian mining sector to receive US$ 54 billion in five years

Brazilian Mining Institute (Ibram) revised on Tuesday its investments forecast for the mining sector in the South American country. It is expected that Brazil will receive US$ 54 billion until 2014, up 10.2% from the previous forecast issued in January and nearing the US$ 57 billion expected before the global recession. According to Ibram president Paulo Camilo Penna, iron ore projects will receive 66% of the money, or about US$ 36.5 million. A single company, Vale, aims to invest US$ 12.9 billion in 2010.

Several iron projects will be commissioned or expanded until 2014, and Brazilian output will double from current 310 million tonnes to 620 million tonnes a year. But the biggest jump will be at nickel production, which is expected to jump from 75,000 tonnes to 190,000 tonnes a year, benefiting from US$ 6.176 billion over the next five years.