Performance of Brazil’s mining industry in the first half of 2023

The mining sector in Brazil achieved R$120 (US$25) billion in revenues for the first half of 2023, marking a 6% increase from the same period the previous year, as reported by Ibram’s president, Raul Jungmann.

He anticipates 2023’s total will exceed that of 2022.

Taxes and duties collected during this period amounted to R$41.4 (US$8.6) billion, a 5.9% increase from the same period in 2022.

Cfem, the financial compensation for mineral exploration, reached R$3.4 billion, a 1.9% increase in revenues.

The mining industry contributed US$13.66 billion to Brazil’s trade balance, accounting for 30% of the total.

While the price of iron ore dropped by 15%, mineral imports saw a 34.2% decrease in dollars and 6% in tons.

Conversely, mineral exports in tons grew by 10.2% but fell by 5.77% in dollar terms due to reduced commodity prices.

The sector is projected to invest US$50 billion by 2027, including over US$6.5 billion for socio-environmental initiatives.

Direct employment within the mining industry currently exceeds 206,000.