Brazilian mining grows 6% in first semester

Mining in Brazil experienced a 6 percent growth in the first half of this year, compared to the same period last year, generating revenues of $25 billion. The data were presented on Wednesday (Jul. 19) by the head of the Brazilian Mining Institute (Ibram), Raul Jungmann.

He expressed optimism about the sector's performance for the rest of 2023, expecting “even more favorable results than in 2022.”

The sector also contributed $8.6 billion in taxes and duties, marking a 5.9 percent increase compared to the previous year. The Financial Compensation for Mineral Exploration (CFEM) collection reached $708 million, reflecting a 1.9 percent revenue increase.

The mineral sector's trade balance amounted to $13.66 billion, constituting 30 percent of the Brazilian trade balance.

Although the price of iron ore in the semester was approximately 15 percent lower than in the first half of 2022, mineral exports in tons surged by 10.2 percent. However, due to considerably lower commodity prices, the mineral exports fell by 5.77 percent in dollar terms. Additionally, mineral imports decreased by 34.2 percent in dollars and 6 percent in tons.

The mining sector expects to invest $50 billion by 2027, of which over $6.5 billion will be allocated to social and environmental initiatives.

Brazilian mining is responsible for the direct employment of over 206 thousand individuals.