THE BRAZILIAN MINING SECTOR

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1 THE BRAZILIAN MINING SECTOR

2 EXECUTIVE SUMMARY Brazil is the industrial dynamo of South America and its economy is heavily dependent on the mining sector. In 2002, for example, marketable iron ore production surpassed 200 Mt and exports of iron ore rose to about 158 Mt. The Brazilian mining industry has been undergoing considerable change, reflecting reorganization of the industry internationally and the national program of privatization. In respect of government regulations, several measures concerning the concession of mineral rights are now in place and showing favourable results. Consideration is being given to establishing a more powerful structure to lead the industry. According to the level of gross production (run of mine), 1,611 mines have been selected and classified as small (1,127 mines 70% of the total), middle-sized (402 mines 24.9% of the total) and large ones (82 mines - 5.1% of the total). With 888 mines, the South-East Region is still the unchallenged leader in Brazil, presenting the highest concentration of mines (55.1%), where the state of São Paulo can be highlighted with the highest number of mines (432), followed by Minas Gerais (291) and Rio de Janeiro (141). In the other regions, one can highlight the States of Rio Grande do Sul (206), Santa Catarina (122), Paraná (83), Goiás (52) and Bahia (38). These eight States together concentrate 84.7% of the mines selected. The total market for engineering and consulting services for the mining sector in Brazil is estimated to be Cdn.$64 million per year. At least 25% of this amount is directly related to environmental projects. Six Brazilian companies and four foreign companies with offices in Brazil control nearly 90% of this market. It is very important for foreign suppliers to establish a local presence in Brazil, either with their own office or through joint ventures with Brazilian engineering companies. 2

3 The potential for foreign companies to supply this market lies especially in front-end engineering services. Brazilian engineering companies have been more successful in supplying detailed engineering, local procurement and commissioning services. This analysis takes into consideration a national perspective that focuses primarily on the Brazilian state of Minas Gerais, since it is considered to be the mining state of Brazil. The Brazilian Federal Constitution General Amendment passed by the National Congress on August 15, 1995 provided some major changes to Brazil's economy. Particularly for the mining industry, it is important to note that the Constitution General Amendment ensures isonomy (equality of fiscal and economic treatment before the Law) for all companies operating in the country irrespective of the origin of their capital. This amendment opened the country's doors and now Brazil welcomes foreign investments in exploration and mining of its mineral resources. These changes introduced modernization and disclosure of important information that is now easily accessible to investors. 3

4 TABLE OF CONTENTS EXECUTIVE SUMMARY 2 MARKET OVERVIEW 5 General Country Information 5 Key factors shaping market growth 8 Opportunities 10 COMPETITIVE ENVIRONMENT 17 Competitive advantage through Canadian Government Policies and Initiatives 17 PRIVATE SECTOR CUSTOMERS 19 Degree of concentration and integration in the Brazilian Mining Industry 21 Competitiveness in the Brazilian Mining Industry 21 Key Brazilian Mining Companies 23 PUBLIC SECTOR CUSTOMERS 25 Federal Organizations 25 State-Level Organizations 26 Research Centers 28 Government Procurement Regulations 30 MARKET LOGISTICS 31 Channels of Distribution 31 Market-entry Considerations 32 Import Regulations 33 Special Customs Arrangements 36 Export Credit Risks, Restrictions and Currency Controls 38 Financial Considerations for Brazil s Mining Industry 40 KEY CONTACTS AND SUPPORT SERVICES 42 LIST OF USEFUL SITES 47 Annex A: List of the key suppliers active in the Brazilian market. Annex B: List of the key Brazilian potential importers, in the Mining sector. 4

5 MARKET OVERVIEW General Country Information Brazil is the world s fifth largest country, with an area of 8.5 million sq.km. Located in eastern South America, it borders every South American country, except Chile and Ecuador. Brazil s coastline along the Atlantic Ocean extends approximately 7,500 km. Brazil s population is estimated to be about 165 million. The estimated annual growth rate is approximately 1.93%. The Brazilian GDP is Cdn.$720 billion (US$ 450 billion) and is the 12th largest world economy. The country is divided into the following five geographic regions: The North, consisting primarily of the Amazon Basin states, including Acre, Amapá, Amazonas, Pará, Rondônia, Roraima and Tocantins; The North-East, including the states of Maranhão, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco, Alagoas, Sergipe and Bahia; The South-East, including the states of São Paulo, Rio de Janeiro, Minas Gerais and Espírito Santo; The South, consisting of the states of Paraná, Santa Catarina and Rio Grande do Sul; and The Center-West, made up of the states of Mato Grosso, Mato Grosso do Sul, Goiás and the Federal District. The South-East has the largest population concentration, approximately 42.65% of the population, followed by the North-East with about 28.91%. The South has 15.05% of the population; the North, 6.98%; and the Center-Western region, 6.98%. The largest city in Brazil is São Paulo, with an estimated population of 17 million in the metropolitan area. Rio de Janeiro, the second largest metropolitan area, has nearly 10 million inhabitants. Belo Horizonte, 4 5

6 Edel Trade Center million; Porto Alegre, 3.5 million, Recife, 3.2 million, Salvador 2.8 million and Fortaleza 2.8 million. Portuguese, the official language, is used throughout Brazil. Since 1994, Brazil has implemented significant economic liberalization measures that are expected to facilitate an annual economic growth of 3% to 4% in the medium term. After a long period of severe macroeconomic instability, which resulted in very high rates of inflation, mediocre and intermittent growth of the GDP and stagnation of per capita income, a successful stabilization program has restored the country to the list of stable economies. This enabled the country to resume growth at reduced rates of inflation. Brazil enters 2003 amidst an unfriendly international scenario, an important political transition and some pending vulnerability on economic fundamentals. Such a delicate combination imposes constraints and challenges on economic policymaking, especially at a time when President Lula will be tested by the markets on his commitment to macroeconomic stability, and by the electorate on his commitment to the social agenda. Existing external financing appears sufficient to cover the gap in The main challenge that President Lula will face rests on preserving the adjustment in the external accounts, while fighting the effects of the weak currency on inflation and debt dynamics. Fiscal policy appears to be on track. The recent increase in the target for the primary surplus in 2003 is sufficient to prevent deterioration in the public debt-gdp ratio. In the medium run, the challenge is to promote fiscal reforms that enable strong fiscal surpluses without prolonging the sacrifice in public investment and without increases in the tax burden. The monetary policy dilemma of the last two years should persist in Inflation appears set for a decline in the near term, but it is still running at a two digit level. The limited scope for further aggressive tightening of monetary policyin the context of a sluggish economy should pose the main monetary test for the new administration. 6

7 Edel Trade Center The average annual growth for the mine sector over the last five years was 7%. Brazil has important reserves of many minerals and is the world s leading supplier of niobium (91.1%) and tantalite (49.4%). Brazil's share in world production of raw materials is remarkable, ranking first in production of niobium (94.3%), second in iron (20%) and third in tantalite (14.1%). In 2001, Brazil was trading mineral commodities with 207 countries for a total of Cdn.$40 billion, a 2.1% decrease over the year. Brazil exported to 177 and imported from 126 countries, having a positive balance with 145 and deficit with 62. In 2001, investments in mineral exploration reached Cdn.$156 million. Despite the inaccurate survey base of the investments, the states of Pará and Minas Gerais continue to have the most companies with investments in mineral exploration. In 2001, the North and South-east regions accounted for 58% of total investments. 7

8 Key Factors Shaping Market Growth Edel Trade Center The renewed growth of the Brazilian minerals and metallurgical industry brought about by the Real Plan and the substantial elimination of constitutional restraints on foreign capital is expected to continue in the future. The Brazilian production of primary mineral goods adds up to more than Cdn.$10 billion, representing around 1% of Brazil s GDP. This contribution from the mineral sector rises to 8.2% of the GDP when adding to the extractive industry the transformation of its primary minerals into metals and alloys, cement, ceramics, fertilizers, glass and chemical compounds, among other products. Today, the industry accounts for about 27% of Brazil's GDP. Engineering and consulting services for the mining sector in Brazil are estimated at Cdn.$64 million annually. At least 25% of the total consulting engineering services expected to be performed will probably be associated with environmental issues. Therefore, the estimated market size to provide consulting environmental services for the Brazilian mining industry can be estimated at about Cdn.$16 million. It is worth noting that some companies are not only providing services to the mining sector. Some are specialized: COBRAPI is generally dedicated to the steel-making industry; EPC specializes in the area of project and construction management; GOLDER focuses on civil engineering; and BRANDT focuses on environmental consulting services. It seems that the following four main areas within the mining and metallurgical industries will play the most important roles as far as investments, and therefore are potential services for engineering companies: Iron Ore Steel-Making Industry Coal Precious and Base Metals. 8

9 Both international and domestic demands for Brazilian iron ores have been increasing in the last couple of years. This is mainly due to China's soaring steel-making industry, as well as to the increased demand from other Asian countries that are supplied directly with Brazilian iron ores. Demand for domestic steel products is also expected to increase over this period, highlighting another important target market in the mining (iron ore) and metallurgical sectors. The iron ore mining segment, as well as the steel-making industry, will be searching for state-of-the art technologies, and will encompass not only the implementation of new production units, but expansion and optimization of existing facilities. Those foreign engineering companies in a position to effectively offer proven technologies leading to capital and operating costs reductions will definitely hold a privileged position. Adaptive control systems that make use of fuzzy logic and neural nets seem to be one of those top notch technologies required for a successful approach in this area. There is potential market opportunity in the short run for optimizing existing facilities by creatively making use of cutting edge mining and processing technologies and therefore substantially reducing operating costs. 9

10 Opportunities Edel Trade Center Companhia Vale do Rio do Rio Doce (CVRD) In 2001, iron ore and pellets exports totalled tonnes, providing CVRD with a market share of 22.9% and consolidating its leadership in the global market. In the domestic market, CVRD sold 21.5 million tonnes in 2001, achieving a position of leadership in sales within Brazil's steel and iron industry, with a market share of 51.7%. In addition, CVRD owns 100% of the capital stock of FERTECO, 50% of the capital stock of SAMARCO, 50% of the controlling interest of CAEMI (equivalent to 19% of MBR and 8% of QCM) and 50% of GIIC (Gulf Industrial Investment Co.), located in Bahrain. In 2003, CVRD is planning to invest Cdn.$3 billion in the areas of iron ore, copper, aluminium, pig iron, logistics, electricity and research on mineral exploration in Brazil and abroad. In the next eight years, the Vale will invest Cdn.$11 billion. The largest contributor to this year's overall figures attributed to the area of iron ore and manganese (Cdn.$921 million), followed by nonferrous metals mostly copper (Cdn.$ 365 million), logistics (Cdn.$694 million), aluminium (Cdn.$291 million), electricity (Cdn.$116 million), metallic and semi-finished products (Cdn.$77 million), and corporate areas, including research (Cdn.$284 million). Funds include capital outlays and maintenance expenses. Recently, CVRD signed a Cdn.$240 million agreement with the Japanese bank JBIC, the first stage of a Cdn.$480 million financing. The money will be used in the replacement, alteration, improvement, modernization and expansion of logistics capacity, focusing mostly on railways and ports. 10

11 Caulim da Amazônia (Cadam) The coating kaolin (used for high-quality paper coating) mining company is having good market performance. In a marketplace valued at Cdn.$2 billion, this company is the fifth biggest global producer of coating kaolin, exporting 90% of its production. As part of its strategy to reach production of 1 million tonnes a year by 2006, Cadam recently approved a Cdn.$48 million investment in its industrial unit. The plant a chemical factory rather than a mining facility is located in the town of Almeirim, state of Pará. The money will be used to build a second spray dryer unit, used for drying the kaolin and enhancing its quality, and to buy peripheral items for its operation. With the spray dryer, estimated at as much as Cdn.$24 million, the company reduces the sales of raw kaolin (lump ore), which is less value-added. The new facility will start operating in early 2005, with a 300,000-tonne capacity. During the second stage, one or two years later, it may reach 500,000 tonnes. One of the company's assets is slurry kaolin, a product delivered to the customer in its liquid form. "It is a trend in the paper industry, says França, who has been at Grupo Caemi for 17 years, the last 12 years as the CEO. 11

12 Edel Trade Center Ferteco Ferteco operates two mines, with a total capacity of 20 million tonnes of iron ore products. Twelve million of these are sinter feed/concentrates, 3.7 million tonnes are pellets, and 4.3 million are lump ores, of which 2.7 million are for direct reduction. The Fábrica and Córrego do Feijão mines are located in the state of Minas Gerais. Ferteco is the third largest iron ore producer in Brazil, with potential reserves of 2 billion tonnes. It meets the needs of world and domestic markets with its highly industrialised products: sinter feed, concentrates and pellets, as well as granulated ore for direct reduction (Midrex and Hyl) and for blast furnace consumption. The Fábrica Mining Complex, with a capacity of 13 million tons per year, is linked by the Vitória-Minas railway to the port of Tubarão, in the state of Espírito Santo, where up to 300,000 DWT capacity vessels can be loaded. 12

13 Mineradoras Brasil Reunidas (MBR) MBR introduced the Capão Xavier Project, designed to replace iron ore production at the Mutuca Mine, which closed its activities after 40 years of continuous operation. Approximately 8 million metric tonnes per year will be produced, maintaining approximately 360 direct jobs. An environmental impact study obtained information on physical, biological and socio-economical issues that involve this new project by MBR. The project will allow the topographic restoration of the exhausted pit at Mutuca Mine, eliminating the need for utilizing areas for the release of sterile materials and the construction of waste dams. This project will comprise the following stages: Deployment Construction of a private roadway linking Capão Xavier and Mutuca; Deployment of drainage structures that will prevent sediments from entering the Ribeirão Mutuca basin, where there is rainwater catchment; Construction of a dike on the Córrego Seco to form a sedimentation basin where there is now a clay mining site. Initial stage Construction of acoustic and visual barriers in strategic locations around the mine. They will be covered with vegetation and will separate the mine and the neighbouring community. Such barriers will be built with materials from the mine itself. Transport by trucks, through MBR's private roadway, of the ore to be improved at Mutuca's facilities. Consolidation Continuation of the plowing, with the progressive deepening of the pit; Transport of the produced ore and of the sterile products by MBR's private roadway, to be improved at Mutuca's facilities; 13

14 Edel Trade Center Around 2007, the ore will start being transported via the conveyor belt, with the construction of a primary crusher inside the pit and far from neighbouring communities; Reclaimation of mined areas; De-activation; Reforesting of remaining mined areas; Creation of a lake in the mine pit; Backfilling and reforesting of the former clay mine pit which was used as a decanting basin for the project. After de-activation Re-incorporation of the terrain to the natural environment; Incorporation of the lake to the water supply system of the metropolitan area of Belo Horizonte; Environmental preservation, with the incorporation of the former mined area, already reclaimed, to the Serra do Rola Moça State Park. 14

15 Votorantim Votorantim Metais produces nickel, zinc and iron in its plants in the states of São Paulo, Minas Gerais, Rio de Janeiro and Goiás. Votorantim s business units employ 4,200 people and ensure that Grupo Votorantim holds a position of leadership in the Brazilian zinc market as well as being the largest producer of electrolytic nickel and a major producer of long steel. In Brazil, the Cia. Brasileira de Alumínio (CBA), its subsidiary, is in the final stage of its expansion, with investment in the order of Cdn.$640 million. It is already looking to new growth leap that will result in reaching a production capacity of 500,000 tonnes. Votorantim Metais, after having acquired Paraibuna de Metais in April 2002, announced a Cdn.$1billion program aimed at the sectors of zinc, nickel and steel until For this year, the Group's budget has Cdn.$4 billion in expenses, from which Cdn.$960 million came from acquisitions in energy (hydroelectric power plants) and cement. The largest part is comprised of investments in fixed assets, such as expansion and maintenance. Votorantim Metais is increasing the productive capacity of its subsidiary Níquel Tocantins. The goal is to produce more than 20,000 tonnes until the end of the year, surpassing the 17,800 tonnes produced in The company's exports could reach 12,000 tonnes in 12 months, a 13% increase over the year. The company is also expected to increase the zinc exports of its subsidiaries (Companhia Mineira de Metais and Paraibuna Metais) by 1%, reaching 54 thousand tonnes, thanks to increases in production. After the acquisition of Paraibuna in March last year, the production of zinc at Votorantim grew by 28% in 2002, reaching 250,000 tonnes. In 2003, the company intends to increase its production with improvements in the production process, reaching 270,000 tonnes. For its part, Caraíba Metais, a copper producer, is expected to see a drop in exports, due to a reduction in production caused by a stoppage 15

16 Edel Trade Center for maintenance. However, the company must start to recover its sales in Argentina, which fell by 60% in The preventive maintenance at Caraíba is going to cost Cdn.$80 million and is expected to stop production for one month. The company s exports will be reduced from 76,000 tonnes last year to 70,000 in 2003, and will serve the domestic market. On the other hand, sales to Argentina are expected to reach 10,000 tonnes, a 66% growth year over the previous year. 16

17 COMPETITIVE ENVIRONMENT Edel Trade Center A list of the key players in the Mining Sector are provided as follows: Appendix A: List of the key suppliers active in the Brazilian market. Appendix B: List of the key Brazilian potential importers in the Mining Sector. Competitive Advantage through Canadian Government Policies and Initiatives Export Development Canada Export Development Canada - EDC offers export financing and insurance to Canadian exporters. Additionally, insurance can be provided for larger transactions that are subject to the terms and conditions established by the buyer. EDC prefers to work through letters of credit, bank credits or bank guarantees. Approval for financing is considered on a case-by-case basis. Canadian Commercial Corporation The Canadian Commercial Corporation - CCC gives Canadian companies access to financing and better payment terms under the Progress Payment Program (PPP). The PPP concept was developed as a partnership between major Canadian financial institutions and the CCC. It enables the exporter's bank to open a project line of credit for the exporter's benefit, based on CCC approval of the project and the exporter's ability to perform. The CCC will also act as a prime contractor on behalf of Canadian small and medium-sized enterprises, giving those businesses increased credibility and competitive advantage. Program for Export Market Development The Program for Export Market Development - PEMD helps Canadian companies enter new markets by sharing the costs of activities that companies normally could not or would not undertake alone, thereby reducing risks involved in entering a foreign market. Eligible costs and activities include market visits, trade fairs, incoming buyers, product 17

18 Edel Trade Center testing for market certification, legal fees for international marketing agreements, transportation costs of offshore company trainees, product demonstration costs, promotional materials, and other costs necessary to execute a market development plan. Activity costs are shared on a pre-approved, 50/50 basis. The PEMD refundable contribution ranges from Cdn.$5,000 to a maximum of Cdn.$50,000. Preference is given to companies with fewer than 100 employees for a firm in the manufacturing sector and 50 in the service industry, or with annual sales between Cdn.$250,000 and Cdn.$10 million. Other components of the program include international bid preparation (Capital Project Bidding) and, for trade associations, developing international marketing activities for their membership. For additional information visit or call WIN Exports WIN Exports, a database of Canadian exporters and their capabilities, is used by trade commissioners around the world and by Team Canada Inc. partners in Canada to match Canadian suppliers with foreign business leads, and to share information on trade events. To register your company in WIN Exports or for more information, visit or call

19 PRIVATE-SECTOR CUSTOMERS Edel Trade Center The Brazilian government s is involved in both the extractive and mineral transformation industry, with the exception of the monopoly areas, which came to an end when Companhia Vale do Rio Doce (CVRD) was privatized in Another company, Companhia Riograndense de Mineração - CRM, a coal producer belonging to Rio Grande do Sul State Government - is still under state control. In the world of companies comprising the Brazilian mineral sector, the presence of private Brazilian capital prevails, though foreign capital has a minority interest in many companies. This situation is the result of a development model used in Brazil during the seventies and eighties that combined Brazilian private and state capital with foreign capital. The following are considered the most important technologies required to support Brazil s mining and minerals industry during the next few years: Advanced Mineral Process Control Systems, encompassing both Expert and Intelligent (adaptive) Control Systems; Semi-Autogenous and Full- Autogenous Grinding Mills (SAG Mills and FAG Mills, respectively) Circuits; Semi-mobile In-Pit (and Near-Pit) Crushing Circuits; Long Distance Belt Conveying Systems. One hundred Advanced Control Systems per year are forecast to be purchased by the Brazilian mining and minerals industry. This represents an estimated Cdn.$360 million market over the next three years, including engineering services, software, hardware and technological fees. Advanced Mineral Process Control Systems, both expert and intelligent levels, have proved to be extremely helpful tools to optimize plant performance, generally increasing throughput from 2% to 15%. Investments are very modest when compared to increased revenues and profits. 19

20 Edel Trade Center Some other Brazilian mineral-related industries will play a minor role. The gold industry is depressed and new investments are unlikely to be made on declining reserves, while the bauxite /aluminum industry already makes use of Expert Systems provided with the equipment by their suppliers. However, the emerging copper mines and concentration plants (Sossego: Phelps Dodge/CVRD; Cristalino: CVRD; and Salobo: CVRD/Anglo American) will undoubtedly make use of Advanced Control Systems. This will probably occur after The main factor impacting this segment is competitiveness: relatively large increases in throughputs- after relatively small investments - will definitely affect unit operations costs, and allow for increased margins in a market where they are typically very narrow. Commination (fragmentation) circuits encompassing both crushing and grinding operations are the most costly operations in a mineral processing plant. Typically they account for at least 30% of the capital costs and sometimes as high as 50%. Large Semi-Autogenous Grinding Mills (SAG Mills) and Full Autogenous Griding Mills (FAG Mills) have been extensively used by the mining industry in the U.S., Canada, Australia, Chile, South Africa and other large ore producing countries for the last decade. They offer advantages, both from the operations and the economic standpoints, provided that the ore to be ground is competent enough to be used at least partially as a grinding media, and the plant processes a reasonably large throughput. Despite the fact that Brazilian ores and plants tend to meet these requirements, there are only four SAG mills currently on operation in Brazil: Mineração São Bento (Gold) has a large length over-diameter ratio SAG mill, CVRD s Igarapé Bahia gold mine has two high ball charge SAG mills, and Mineração Serra da Fortaleza nickel mine (Rio Tinto) also has one SAG mill. There has been an unequivocal trend in the global mining industry to utilize Semi-Mobile In-Pit Crushers (SMIPC)- which can be relocated to new areas being mined, in connection with Long Distance Belt Conveying Systems (LDBCS), that will transport the ore (5 to 20 km in general) to the mineral processing plant and feed a secondary crusher. This concept replaces transportation of the Run-Of-Mine (ROM) ore from the mines/pits by large trucks to the plants, feeding a plant- 20

21 Edel Trade Center located primary crusher. The technical and economic advantages of the new concept are remarkable, mainly for large production rates. So far, there are only a few long distance belt conveyors systems in operation in Brazil and they are not fed by semi-mobile in-pit crushers: The Casa de Pedra iron ore mine (CSN) 5 km. LDBCS, the 5 km. Pico/Andaime LDBCS (iron ore mine- MBR), the Mutuca Mine/Terminal de Olhos d Água (TOD) LDBCS (iron ore MBR, and the 10.9 km Capanema /Timbopeba Mines CVRD LDBSC (iron ore) are some of the few examples of existing LDBCS. Degree of Concentration and Integration in the Brazilian Mining Industry Despite the large number of mining companies, the Brazilian mineral sector is still considerably concentrated in the majority of mineral production segments and has a high level of integration between the mine and metallurgy/metal refining industry. Thirteen companies are responsible for more than 99% of the iron production, with three companies controlling 75% of the total. The leader, Cia. Vale do Rio Doce, the leader, holds 55%. These percentages are the same for the other mineral substances extracted from the Brazilian subsoil, with the exception of sand, clay, gravel, limestone and ornamental rocks. Competitiveness in the Brazilian Mining Industry The high content of the major Brazilian mines, good transportation infrastructure, technological upgrades, competitive production costs and managerial skills are the factors for competitive advantage which the mining industry in Brazil has vis-à-vis its international competitors. The production of iron, pyrochlorine, nickel, bauxite, cassiterite, ornamental rocks, gold, among others, are examples of the competitiveness of the Brazilian mineral production sector. According to a government policy to substitute imports, implemented since the early 1970s and based mostly on the mineral goods industry, Brazil has become self-sufficient in most of the ferrous and nonferrous metals and industrial minerals. And with its surplus, has 21

22 Edel Trade Center become a major exporter of bauxite, kaolin, aluminium, nickel and tin, besides consolidating its position in iron ore and niobium. Other surpluses also contribute favourably to the trade balance: gold, ornamental rocks, manganese, lithium minerals, among other primary mineral goods. As a result of this increased domestic production, together with the market diversification strategy adopted by Brazilian export companies, mineral goods have been contributing significantly to the steady trade balance of Brazil. The trade balance has a heavy reliance on petroleum and its by-products that, separately, are still responsible for more than 50% of the mineral sector s imports. Exports of Brazilian mineral goods are more than Cdn.$11 billion, the largest portion of this total being petroleum (Cdn.$6.6 billion). In addition to petroleum, other products on the list of imports, in order of expenditure, are metallurgical coke, potassium, phosphate fertilizers and non-ferrous metals. In Brazilian mineral exports, the contribution from the mineral extractive industry is represents more than 58% of all mineral goods exported. Iron ore continues to be, by far, the primary mineral product most exported by Brazil, generating annual revenue of over Cdn.$5.1 billion. In 2001, Brazil s commercial trade of mineral commodities comprised 207 countries and totalled Cdn.$40 billion, a decrease of 2.1%. Brazil exported to 177 countries and imported from 126 countries. 22

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