Brazil’s iron ore shipments rose by 11.2pc to 103.2mn mt in Q3 2020, from 92.8mn mt in the same prior-year period according to the Brazilian Mining Association (Ibram).
The South American country’s iron ore exports were valued at $7.85bn in Q3 2020, up by 11.5pc from $7.04bn in the same quarter last year, Ibram indicated in data that was released on Thursday.
Brazil exported 282,665mt of copper last quarter, slightly up from 281,426mt shipped in Q3 2019. Of the total iron ore exported, about 72pc was shipped to China. Of the total copper exports, around 23pc was shipped to Germany, 16.7pc to Spain, and 16.2pc to China, Ibram noted.
Overall, the Brazilian mining industry’s mineral production rose by 2.3pc to 287.6mn mt in Q3 2020 from 280.9mn mt in the prior-year period.
The Brazilian mining industry will invest $37bn to develop mining projects between 2020-2024, of this amount, the industry will invest $15bn to develop iron ore projects, $2bn for copper projects, and $1.5bn towards nickel projects, Ibram said without disclosing further details.
Brazilian crude steel production rose by 7.5pc to 2.6mn mt in September this year on an annual basis.