Brazil mining investment to top $75 billion by 2016

Brazilian investment in mining is about to shatter a five-year record.

The country’s Mining Institute, Ibram, said Wednesday that investments in mining in Brazil will reach $75 billion by 2016, driven by growing demand for raw materials such as iron ore from emerging economic powerhouses China and India.

Fox News reported the key figures from the institute:

• iron ore production grew 25% between 2010 and 2011 to 467 million tonnes.
• Brazil’s gold output was up 16% in 2011 from the previous year to 66 tons and is on track for 70 tons in 2012.
• niobium production also grew.
• total Brazilian mineral production was worth a record $50 billion in 2011, double the value in 2009.