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Brazil Mining Sector Bouncing Back after COVID-19 disruption - Ibram

Mining News - Published on Wed, 20 May 2020

Image Source: Brazil Mining Coronavirus Lockdown
Brazilian mining industry association Ibram president Flávio Penido told Reuters that Brazil’s mining sector is likely to be the first to rebound from the economic shock of the coronavirus outbreak due to large iron ore capacity and already-growing demand from China. He said “The mining sector is the sector that will certainly be the first to respond for the recovery of the Brazilian economy due to the installed capacity and short-term recovery capacity. China has low stocks of steel, low stocks of high-grade Brazilian ore. And it is resuming and the impact is on prices.”

Mr Penido said Ibram’s aim is to reach an annual production capacity of around 450 million tonnes of iron ore in the coming years, compared to the current 410 million tonnes.

Ibram’s 130 members include Vale, Anglo American, Cia Siderurgica Nacional and Gerdau.

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Posted By : Yogender Pancholi on Wed, 20 May 2020
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