Business

Rising prices and weaker currency bolster Brazilian mining

Q2 earnings reports show impressive growth for the mining sector's big players, and experts believe the good times will continue to roll amid a spike in ore prices and weaker Real

Rising prices and weaker currency bolster Brazilian mining
Águas Claras mine, in the Belo Horizonte region. Photo: Luis War/Shutterstock

Brazil’s mining sector is on the up, underlined by positive results for the first half of 2021. Among the main factors for growth is the devaluation of the Brazilian Real coupled with record iron ore prices on the international market, drawing huge profits for the country’s major mining firms.

Profits that were seen in the Q2 2021 earnings reports of mining giant Vale, steel producer CSN, and its mining subsidiary. Vale posted net profits of USD 7.586 billion in this year’s second quarter, a whopping 662 percent more than the same period in 2020, when the company was still...

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