In the first half of 2023, the Brazilian mining industry reported a 6% increase in revenue and tax collection compared to the same time the previous year, according to data from the Brazilian Mining Institute (Ibram).
From January to June, revenue amounted to R$120 billion (US$25 billion), with tax contributions coming in at R$41.4 billion (US$8.625 billion).
Ibram’s director, Raul Jungmann, anticipates that the overall 2023 performance will surpass that of 2022.
The mining sector’s trade balance for H1 2023 stood at US$13.66 billion, marking a 17.21% increase from H1 2022.
Notably, the price of iron ore dropped by 15% during H1 2023 compared to the same period in 2022.
Mineral imports and exports fell by 34.22% and 5.7% respectively.
Ibram also forecasted that the mining industry would attract investments worth US$50 billion by 2027, with over US$6.5 billion dedicated to socio-environmental initiatives.
The Brazilian mining industry currently provides direct employment to over 206,000 individuals, and indirectly supports over 2 million people.