Brazil mining industry investments to hit record $75 billion in 2012-16: Ibram

Mining News  |  2012-05-03 07:42:45   |   By

Brazilian mining industry investments will reach a record $75 billion between 2012 and 2016, a record for a five-year period, said Brazil's Mining Institute Ibram, which groups the country's mining companies.

BRAZILIA (Scrap Monster): Brazilian mining industry investments will reach a record $75 billion between 2012 and 2016, a record for a five-year period, said Brazil's Mining Institute Ibram, which groups the country's mining companies.

Jose Fernando Coura, the president of Ibram, said that, “the mining will be the biggest area of private-sector investments in the country during the next five years.”

“The expected total for the coming five-year period beats the estimated investments of $68.5 billion for the 2011-2015 period,” he added at a mining meeting in Bahia state in northeast Brazil.

According to Ibram, country's total mineral production hit a record worth of $50 billion in 2011, double its value in 2009, and representing 3.8% of GDP.