16/09/08

Brazilian mining institute Ibram has revised upward its forecast for mining investments in the country to US$57bn through 2012, according to the entity`s website.

The rise from Ibram`s previous US$42bn forecast reflects confidence that the cycle of high metals prices will continue, said institute president Paulo Camillo Penna. The list of 48 investment projects that make up the sum include as many expansion initiatives as new Greenfield endeavors.

The iron ore sector leads the investment forecast with an estimated US$37bn, or some 65% of the total. Nickel follows with US$6.2bn over the next five years.

“We foresee a year of crisis in the American mortgage market. Despite that, investments in mining will more than double in Brazil. In June 2007 our five-year projection was that the country would receive US$24bn in investments,” said Penna.

The president highlighted iron ore projects by Brazilian companies Vale (NYSE: RIO), MMX and Usiminas, as well as a nickel project owned by Australia`s Mirabela Nickel (ASX: MBN, TSX: MNB).Laura SuperneauBusiness News Americas

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