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The Brazilian mining industry is poised for substantial growth, with the country's Institute IBRAM forecasting a significant increase in investments from 2024 to 2028. According to a report by S&P Global, these investments are projected to reach $65 billion during this period, marking a notable 29% surge compared to the previous estimates covering 2023 to 2027, which amounted to approximately $50 billion.
Breaking down the investment distribution, the iron ore segment is expected to play a pivotal role, accounting for $17 billion or 27% of the total. This reflects a 2% increase from the figures projected in the previous study. Social and environmental activities are set to receive 17% of the total investment, totalling $11 billion, while logistics will secure 16%, amounting to $10 billion.
In 2023, the Brazilian mining sector experienced a profit of R$248 billion (approximately $50 billion), a marginal 1% decrease year-on-year, attributed in part to lower market prices for certain commodities.
Despite this, Brazil achieved a 10% year-on-year increase in mineral exports, reaching 392 MT. Iron ore constituted a significant portion, accounting for 71% of exports, with a volume increase of 10% year-on-year to 379 MT. The monetary value of iron ore exports reached $30.5 billion, marking a 6% rise compared to 2022.
The positive trajectory for the mining sector is reinforced by the new industrial policy announced in January 2024, designating the mining industry as a strategic sector for Brazil's economic goals. The policy emphasizes energy transition, decarbonization, and technological development within the national industry.
Looking at trade partners, China emerged as the largest consumer of Brazilian iron ore in the preceding year, importing 261 MT - an increase of 9% year-on-year. Other notable consumers included Malaysia, Japan, Bahrain, and Oman. Collectively, other countries imported 63 MT of iron ore from Brazil.
In December 2023, Brazil reached its peak iron ore exports for the year at 39.65 MT - a 24% increase year-on-year and a notable 25.5% surge compared to the previous month. The robust performance in the export sector further underscores positive prospects for the Brazilian mining industry in 2024 and beyond.
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