In 2008, mining in Brazil made up almost 2% of GDP, accounting for $23.95 billion. Growth in the sector is phenomenal, and mining is expected to reach an estimated $46.44 billion by 2014. Demand for minerals has pushed up the value of Brazil’s mineral production, increasing in U.S. dollar terms by 250% between 2000 and 2008. There was a drop of production in 2009, caused by the global economic crisis, but estimates for 2010 reckon that Brazilian mineral production will surpass $35 billion and continue rising 10% to 15% per year.

In 2012, the country is expected to reach the same levels of production and sales as registered before the financial crisis. IBRAM forecasts a total of $54 billion investment for the period 2010-2014. Iron ore is the principal mineral in which the investments will be made, and will account for around 67% of the total. Mining directly employed 161,000 Brazilians in 2008. Studies carried out by the Geological Survey of Brazil (CPRM) show the mining industry indirectly created about 2 million jobs in 2008, a number which is increasing. New players are coming into the market, including junior mining and exploration companies, and service providers.