Rio Tinto’s Q2 iron ore shipments miss after May train derailment
The world's largest producer of iron ore shipped 80.3 million tons of the steel-making commodity in the quarter.
Investments in Brazil’s mining sector are expected to total $40.44 billion from 2022 to 2026, a drop when compared with the five years through 2025, leading industry association Ibram said on Tuesday.
The amount forecast for the five-year period points to a nearly $900 million drop from investments seen taking place in the 2021-2025 period, according to Ibram data.
Ibram associates include major miners, steelmakers, and fertilizer companies operating in Brazil such as Vale, Anglo American, Rio Tinto, Vallourec, Usiminas, Gerdau, and Yara International.
The association said that 54% of the estimated investments would go to new projects, while the remaining 46% are seen being invested in ongoing projects.
About 10% of the total amount is set to be invested in socio-environmental projects, it said.
Top mining state Minas Gerais is expected to get more than $11 billion in the period, ahead of the $6 billion forecasts to be invested in the northeastern state of Bahia, Ibram said.
Investments in iron ore were estimated at $13.6 billion, of which $7.7 billion would go to ongoing projects.
Ibram also estimated that more than $5 billion are set to be invested in fertilizer projects in the five-year period, with most of the amount expected to be injected into new projects.
Investments in bauxite and gold mines in the five years through 2026 should total $5.57 billion and $2.9 billion, respectively, it added.
(By Roberto Samora and Gabriel Araujo)
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