Brazil is home to roughly 9,000 mining companies and a mineral production which was valued at $51 billion in 2012, a slight decrease of 3% compared to 2011. Nonetheless, the country’s mining industry has had an impressive run in recent years, more than doubling its output since 2009 and recording a positive trade balance of $29.5 billion last year.

A major global exporter of iron, niobium, manganese and bauxite, Brazil is the world’s fifth largest country. This implicitly means abundant mineral riches, yet only 35% of the country’s geology has been properly mapped so far. The mining industry, responsible for 2.2 million direct jobs, attracts average yearly investments of $15 billion, out of which 63% are absorbed by iron ore, which also accounts for 80% of Brazil’s mineral exports.

However, with mineral prices falling in 2012, the South-American country saw its revenues shrink despite its record production during the year. Furthermore, Brazil still inexplicably lacks self-sufficiency in its fertilizer minerals, importing $3.5 billion worth of potassium chloride a year. Finally, the uncertainties created by Brazil’s new mining code, along with the global economic crisis, have created a climate of skepticism over the course of the last 18 months.