waiting for recovery

Transcrição

Special Issue - 2016 - ISSN 0102-4728
MINING - METALLURGY - OIL
MINING IN BRAZIL
Waiting for recovery
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Editorial
Brazil does not live
by iron ore alone
A
s in many other countries, the mining industry
is going through a difficult period in Brazil. The
price of its leading mineral export,iron ore, plunged 45 percent in 2015 and there is no prospect, at least in
the short term, of a return to the price levels prevailing in
the earlier period when demand was overheated, spurred
by China’s very high economic growth rates.
Luckily, iron ore is not the whole of Brazil’s mining
industry. The country also produces gold, copper, bauxite, china clay, nickel, zinc, niobium, chromium, and
mineral fertilisers, as well as granite and other minerals
for the construction industry. It is quite true that, with
the exception of iron ore, niobium, bauxite, china clay
and ornamental rocks, Brazil is not a world player in
any of these other minerals, in none of which it plays a
preponderant market role. This means that production
of these materials is aimed primarily at the domestic
market.
The problem is that at the same time as they have
been hit by plummeting prices and slowing demand on
the worldmarket, Brazilian mining companies are also
facing a shrinking market at home, since the economy is
now in its second straight year of negative growth rates.
If the outlook on the production side is critical, looked
at from the angle of exploratory activity the picture is no
less worrying. Exploration is the foundation of mining
because it is what uncovers the deposits that will later
be mined. Considering Brazil’s territorial extent and
its geological characteristics, exploration activity at its
present level falls a long way short of the country’s potential, not to mention its needs. A sufficient indication
of this is the very small proportion of the country’s land
area that has so far been mapped at an adequate scale
for the task of identifying geological environments that
may contain new recoverable mineral deposits. And the
geological survey programmes, conducted for the most
part by government agencies, have now been severely
cut back or even, in some cases, discontinued.
BRAZIL MINERAL - Especial Issue - 2016
On the private-sector side, in recent years there has also
been a falling off of spending on mineral exploration programmes, prompted either by a shortage of funds – the price
crisis in mineral commodities hashad an immense impact
on companies’ ability to raise financing in the marketplace,
particularly in the case of junior companies, often exceptionally active in exploration – or by the uncertainties arising
from the government’s proposal to enact a new regulatory
framework for the mining industry. Discussions on the
proposed new regulatory framework have been draggingon
for almost eight years now, and still there is no consensus
on what the new rules should be. No one even knows for
certain whether the Congress will in fact ever vote on the
government’s draft legislation at all.
Political uncertainties, combined with the crisis in
prices and demand on world markets and the contraction
of the Brazilian economy, have created an environment
of pessimism for the mining industry such as had not
been seen in a very long time. This does not mean, however, that Brazilian mining has entered an irreversible
decline. First of all, because the very inadequate existing
knowledge of the country’s geology means that Brazil has
exceptional potential for discovering new mineral deposits, particularly in the Amazon region. Second, because
the Brazilian economy, although it is now experiencing
a moment of exceptional adversity, is still the strongest
anywhere in Latin America. Third, despite the momentary
political disturbance, it should be remembered that there
is no comparison between Brazil and certain other Latin
American countries, or certain African countries, that are
rich in mineral resources but suffer from severe political
and economic instability. In a word, while the short—term
difficulties are undeniable, in the medium and long term
Brazil possesses the potential to become attractive to the
mining business which, by its very nature, cannot afford
to be short—sighted.
Francisco Alves, Editor
3
ISSN 0102-4728
CONTENTS
Editorial Director
Francisco E. Alves
[email protected]
OVERVIEW
Commercial Director
Sérgio de Oliveira
[email protected]
Undeterred by hard times, Brazil’s
mining industry displays resiliency
Consulting Council
Antenor F. Silva Júnior
Antonio Luiz Sampaio Carvalho
Antonio Stellin Jr.
Arthur Pinto Chaves
Breno Augusto dos Santos
Carlos Oití Berbert
Dárcio Fragoso
Fernando Valverde
Flávio A. Brinckmann
Francisco de A. Fonseca
Francisco R. C. Fernandes
Hélio Camargo Mendes
Helena M.M. Lastres
Hildebrando Hermann
Iran Ferreira Machado
Joel Weisz
José Jaime Sznelwar
José Márcio J. Paixão
José Mendo M. de Souza
Kenro Matsui
Lélio Fellows Filho
Luciano de Freitas Borges
Luiz Enrique Sanchez
Manfredo Pires Cardoso
Manoel Régis de Moura Neto
Maria Amélia Enriquez
Maria Isabel Marques
Maria José G. Salum
Orlando Generoso
Olintho P. Silva
Paulo César de Sá
Renato Ciminelli
Roberto C. Villas Boas
Rolf Georg Fuchs
Sílvia Helena Serra
Virgínia Ciminelli
Umberto Raimundo Costa
06
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Translation
Brian Gould
16
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5
Overview
Undeterred by hard times, Brazil’s
mining industry displays resiliency
Francisco Alves
Vale iron ore stockpile in Minas Gerais
A
falling economic growth rate in China, leading to weaker demand for
imported mineral commodities, with
a resulting marked impact on prices, and the
prolonged international economic crisis, coinciding with a negative growth rate in Brazil’s
domestic economy, resulted in a sharp drop in
the country’s mining output in 2015. The official
figures have not yet been released, but estimates
point to a 2015 total of no more than US$ 38
billion for Brazil’s mineral output. This would be
the second straight drop, since the 2014 total was
$40 billion, down from US$ 44 billion in 2013.
Falling prices were the main factor causing
the decline, above all in iron ore, since in volume
terms the 2015 tonnage was almost unchanged
from the previous year.
Last year’s sharp drop in value terms can
also be measured by revenue from the Financial
Contribution for Mineral Exploitation (CFEM),
charged at varying rates for different mineral
products. In 2015, CFEM revenue totalled R$
1.49 billion, which was R$ 217 million less
than the 2014 figure of R$ 1.71 billion. Mineral
products yielding the highest revenue were, in
decreasing order, iron ore, copper, bauxite, gold,
6
granite, limestone, nickel, and manganese. These
are consequently the products having the greatest weight in output, measured in value terms.
Brazil’s exports of mineral products also
showed a marked downturn in dollar terms, in
2015, caused by the price decline. Altogether,
mineral exports added up to US$ 24.95 billion
in the year, down 32 percent from the 2014 level
of US$ 36.6 billion. The leading products on the
list of Brazil’s mineral exports were iron ore, with
US$ 14.7billion (down 45 percent from the 2014
figure), bauxite and alumina (US$ 2.85 billion),
ferroalloys (US$ 2.26 billion, approximately 17
percent below the previous year), copper (US$
1.98 billion),and gold (US$ 1.55 billion).
Imports, meanwhile, were down 16 percent
in dollar terms, falling from US$ 8.96 billion in
2014 to US$ 7.52 billion a year later. The items
weighing most heavily on the imports bill were
the NPK (nitrogen, phosphate, and potassium)
fertilisers, copper ore and cathodes, and crude
aluminium.
On the other hand, the number of Mining
Permits (Portarias de Lavra) issued in 2015
showed an impressive increase. Companies had
earlier been reluctant to file their applications
because of the uncertainty surrounding the
Mining and Energy Ministry’s plans for a new
regulatory framework to govern mining activity
in Brazil. According to the National Department
of Mineral Production (DNPM), the number
of Mining Permits issued in 2015 rose to 484,
from only 261 in the preceding year. It should
however be noted that most of these applications
were for minerals such as limestone, clay, sand,
and granite, typically produced by small and
medium-sized mining ventures. In any case,
this means that a larger number of mines will be
coming into production in 2016 and 2017, since
the Mining Permit is the final stage that has to be
completed prior to bringing a mining venture on
stream. In contrast, the Mining Application (Requerimento de Lavra), the document obtained
by companies when their mineral exploration
phase is concluded, showed a fall in the year.
The 2015 total was 1,047 applications, down
from 1,457 in 2014.
Changed outlook for iron ore
The low-price environment, while it has not
affected to any significant extent the tonnage
of iron ore mined in Brazil, has had a serious
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7
Overview
Ore shipment at a Mineração Maracá mine
impact on mining companies’ sales revenues, on
the trade balance, and on the prospects for new
projects that had been scheduled.
Even so, iron ore still plays a decisive role in
the performance of the Brazilian mining industry. In 2014 it accounted for some 63 percent, in
dollar terms, of all mining output and for around
73 percent of export income from mineral
products. In 2015, iron ore’s contribution to the
trade balance fell to only 56 percent.
Up until 2014, iron ore also accounted for the
largest share of planned investments. Vale stood
at the top of the list, with a number of projects
in its portfolio. In 2015, however, following the
sharp drop in prices and with Vale bringing
several of its projects on stream, its portfolio of
planned new investments in the iron ore area
shrank considerably, and even the remaining
projects are still left with a doubt hanging over
them, in view of the fact that their economic feasibility was based on iron ore prices which were
a good deal higher at the time than they are now.
From the viewpoint of increasing output
capacity, the main facts in the most recent period
have been Samarco’s fourth pelletisation project
– now, however, with its operation affected by
the suspension of the company’s mining activities, as the outcome of a burst tailings dam – the
startup of Anglo American’s Minas-Rio Project,
and the conclusion of several projects that Vale
had undertaken, including Serra Leste at Carajás
(which involved setting up a new sinter feed
plant with a 6 million ton capacity), the Carajás
Serra Sul project, Vargem Grande Itabiritos in
Minas Gerais(where a new processing unit was
brought on stream with an annual output capacity of 10 million tons), and expansion at the Brucutu mine, with an additional 9.5 million tons of
8
pellet feed and sinter feed). Vale also concluded
its eighth pelletisation plant in Espírito Santo,
having an annual capacity of 7.5 million tons,
although its current operating licence specifies a
maximum output of 7.0 million tons. Altogether,
these projects added some 90 million tons to
Brazil’s total iron ore output capacity, including
pellets. In 2016 Vale’s S11D project is due to
become operational. This is the largest iron ore
mining project currently under way worldwide.
Brazil’s installed capacity for iron ore production now stands at close to 430 million
tons, although 2015 output is thought to have
amounted to only some 400 million tons. Leading producers in 2015 were Vale, CSN/Namisa,
Samarco, Gerdau, Usiminas, Comisa, Vallourec,
ArcelorMittal, Ferrous Resources, and Minerita.
Market leader Vale, even in the current price
environment, has decided to go ahead with its
programmed investments, with priority for the
S11D project, on a planned scale of 90 million
tons a year. Startup is currently scheduled for
late 2016. The total funding for this investment
project, including the railway and port facilities,
was originally set at US$ 19.7 billion but the
company says this is now being cut to US$ 17
billion at the highest, possibly even to less than
US$ 16 billion. With this venture, Vale intends
to enhance its competitiveness in the iron ore
market, since the expected cash cost for S11D
is only about US$ 11 per ton of ore produced.
In 2015 Vale concluded two projects in
Minas Gerais (Conceição Itabiritos II and Cauê
Itabiritos), which were already in the implementation phase and in which the company invested
close to US$ 2 billion.
Companhia Siderúrgica Nacional(CSN) has
formed a strategic association with a string of
Asian partners: Itochu Corp., JFE Steel Corp.,
PoscoLtd., Kobe Steel Ltd., Nisshin Steel Co.
Ltd., and China Steel Corp., all of which have
jointly formed Congonhas Minérios S.A. The
new company will take over the assets of Namisa – the mines and allied assets at Casa de
Pedra, Engenho, and Pires, the operating rights
to the Tecar port terminal at Itaguaí in the state
of Rio de Janeiro, and an 18.63 percent equity
stake in MRS Logística S.A. Congonhas has a
production capacity of 60 million tons of iron
ore per year and starts off with a market value
of US$ 16 billion (R$ 62.2 billion). CSN will
hold an 87.52 percent equity stake in the new
company, with the Asian partners holding the
12.48 percent balance.
The Gerdau group, Brazil’stop steelmaker,
which entered the iron ore mining business only
a few years ago (with an installed capacity now
amounting to approximately 11 million tons),
had been planning to invest US$ 289 million
Vale’s Vargem Grande facility
in setting up a further unit that would boost its
iron ore capacity by an additional 5 million tons
a year, but the plan is currently on ice, following
the price downturn.
Ferrous has a US$ 1.3 billion investment plan
for an expansion project at its Viga mine, tripling
output capacity from the current 5 million tons
a year to 15 million tons by 2017. This timetable
is likely to be reviewed, however, in the light of
the adverse market situation.
Another company with plans for the iron ore
area is Manabi, which intends to develop two
mines – Morro do Pilar and Morro Escuro, both
in Minas Gerais – in addition to a port terminal
at Linhares in the neighbouring state of Espírito
Santo. Budgeted investment is R$ 6.25 billion,
and the company is still confident of its ability
to go to financial markets to raise the funding
needed for the new venture, though this is found
to be an increasingly difficult task at the moment
on account of the situation of the mining industry, particularly in the case of iron ore.
Bemisa’s Baratinha project became operational in the second half of 2014, reactivating an
old mine that had been discontinued back in the
eighties. Recoverable resources are estimated at
Kinross’s goldmine at Paracatu
over 27 million tons. The company is running
a modest production scale of around 2 million
tons a year of high-grade sinter feed having an
iron content above 66 percent. The venture is
highly important since it will enable the company to gain valuable experience in iron ore
production. It is still holding its Planalto Piauí
project on stand by, where potential resources
amount to close to 1 billion tons of iron ore, in
the northeastern state of Piauí. The company
says the project is scaled for an output, in the initial stage, of 15 million tons a year of pellet feed.
SAM (Sulamericana de Metais), controlled
by the Honbridge group of China, has similarly
not yet cancelled its Vale do Rio Pardo project,
where the investment in the initial stage alone
Bemisa Group was created in 2007 and relies on a
team of experts with large national and international
experience in mineral assets.
The Group holds a diversified portfolio in exploration, development and operation phases
composed of 9 projects with several mineral
commodities, such as iron ore, phosphate,
nickel, gold, limestone and mineral water,
spread out in 7 Brazilian states.
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the regions where it operates, always
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9
Overview
lifetime estimated at 10 years, C1 Santa Luz is
expected to yield a total 1.03 million ounces of
gold overall.
Copper
Votorantim Metais nickel unit at Niquelândia
is budgeted at US$ 3.8 billion. Planned output
is 25 million tons of iron ore. Like other iron
ore projects (Samarco and Minas-Rio), this one
too will have a 490-kilometre (300-mile) slurry
pipeline running from Grão Mogol, in Minas
Gerais, to the port facility at Ilhéus, in Bahia.
New gold projects
Gold, also, is still making a substantial contribution to Brazil’s mining output and to the
trade surplus, though trailing a long way behind
iron ore. According to government statistics,
gold exports amounted to US$ 1.55 billion in
2015, corresponding to around 6 percent of all
export income from minerals.
The country’s leading gold producers are
still AngloGold Ashanti, Kinross, Yamana/Brio
Gold, Beadell, Reinarda, Jaguar Mining, Mineração Aurizona, Mineração Nova Xavantina, and
Mineração Serabi.
As far as new investments are concerned, the
project closest to being given the final go-ahead is
Amarillo Gold’s planned mine and metallurgy unit
at Mara Rosa, in Goiás, with a capacity of 120,000
ounces. At a budgeted cost of US$ 160 million, Mara
Rosa is scheduled to begin implementation in 2017.
Eldorado Gold plans to go ahead with its
Tocantinzinho project in Pará, calling for a total
investment of US$ 385 million. At the moment,
however, the project is still at the economic
feasibility study stage.
Crusader is going ahead with the Banking
Feasibility Study (BFS) for its planned Borborema project in the state of Rio Grande do Norte,
with a prospective output of 150,000 ounces
of gold, for an investment amounting to some
US$ 170 million. Crusader also has a project at
Juruena, in the state of Mato Grosso, now at the
exploration stage.
10
Belo Sun Mining has its Volta Grande project, with a pre-feasibility study now concluded
and with a prospective production scale of
205,000 ounces of gold per year, for an implementation cost estimated at US$ 298 million.
Brio Gold, a Yamana subsidiary set up for the
specific purpose of handling some of its smallerscale gold assets, has reported alterations to the
processing flow chart at its C1 Santa Luz project.
It has also completed the metallurgical testing
which will serve as an input for the preliminary
economic assessment for the venture, which had
earlier been put on ice with all operations halted
and maintenance work only going ahead. The
expectation is that C1 Santa Luz may contribute
as much as 100,000 ounces a year once it reaches
its full output level. This would bring Brio Gold’s
overall output to 230,000 ounces. With a useful
Brazil’s copper output has grown in recent
years, thanks mainly to the efforts of Vale, which
accounts for the largest tonnage of concentrates
output. This has meant that copper is now
the third-ranking product, in dollar terms, in
Brazil’s mining output, and features even more
prominently in the trade balance, where the
latest figures show copper exports, at US$ 1.98
billion in 2015,outperforming gold.
Vale is still the country’s leading copper producer, followed by Yamana and MineraçãoCaraíba.
In terms of new projects, the only three on
record, for the time being, are those of Mineração Caraíba, Avanco, and Aura Minerals.
Mineração Caraíba has begun implementation of its Vermelhos Project, part
of an expansion plan which will raise the
company’s output capacity to 380,000 tons,
mainly by finding an economic way to exploit its copper deposits located in the Vale
do Curaçá, in the state of Bahia. The total
investment would amount to some R$ 115
million, to be disbursed during the three
years from 2015 to 2017.
Mineração Caraíba still has its Boa Esperança project, located in the municipality of
Tucumã, in Pará, where reserves are calculated
at 4 million tons. The venture is budgeted at
US$ 355 million.
Avanco, a junior company listed on the Australia Stock Exchange (ASX), is now concluding
Conceição iron ore processing plant
implementation of the first stage of its Antas project, located within the so-called Carajás Mineral
Province in the state of Pará. A US$ 60 million
investment budget is earmarked for this initial
stage, with a target date for commissioning in
the first half of 2016. Output in the initial stage
is forecast at 12,000 tons of copper per year plus
7,000 ounces of gold.
Aura Minerals, meanwhile, is seeking to ensure the funding that will enable it to implement
its Serrote project, in the northeastern state of
Alagoas. This, also, is a combined copper and
gold project, where copper reserves are estimated
at around 1 billion pounds. The initial targeted
output is 32 million pounds a year, later to be raised to 66 million pounds of copper, plus 171,000
ounces of gold. The investment budget is estimated at US$ 420 million. The company is already
in possession of the requisite installation licence.
Bauxite and aluminium
Despite the drop in Brazil’s primary aluminium
output — arising from high energy costs combined
with low world metals prices – overall bauxite
and alumina production in Brazil remains stable.
Annual bauxite production amounts to around
Stacker-reclaimer for use at Vale’s S11D project
33 million tons, with more than half the total, or
some 17 million tons, coming from Mineração
Rio do Norte (MRN) alone. The second-ranking
producer, Hydro Brasil (a Norsk Hydro subsidiary), is operating on a 9 million-ton scale. Other
producers are Alcoa, with a capacity of around 5
million tons a year, and Votorantim Metais, with
2.4 million tons.
Prospects for increased output are focused on
Votorantim Metais, with its Alumina Rondon project in Pará currently awaiting the green light from
VM’s board to begin implementation. The venture
11
Overview
Iron ore crushing circuit at Anglo American’s Minas-Rio project
is budgeted at an initial figure of R$ 6.6 billion, with
a targeted output of 7.7 million tons of bauxite and
3 million tons of alumina. The scale may, however,
be doubled, since the reserves are ample.
Mineral fertilisers
tons of dicalcium phosphate (DCP).
The Santa Quitéria project, for which Galvani
has formed a consortium with Indústrias Nucleares
do Brasil (INB), is planned for a production scale of
800,000 tons a year of phosphate rock, 970,000 tons
of sulphuric acid, 240,000 tons of phosphoric acid,
800,000 tons of granulated fertilizer, 100,000 tons of
dicalcium phosphate, and 1,600 tons of yellow cake
(uranium concentrate), to be handed over to INB in
lieu of royalties, since INB has a legal monopoly of
uranium production in Brazil. INB is to indemnify
Galvani for the production costs of the yellow cake.
For the production of single superphosphate (SSP)
and triple superphosphate (TSP), Galvani will have
to take 250,000 tons of rock each year from the
Angico dos Dias mine: it cannot legally use the rock
from Santa Quitéria for this purpose, on account
of its uranium content. The investment at Santa
Quitéria is estimated at around US$ 400 million,
to be funded wholly by Galvani, which has already
been given a financing commitment by Banco do
Nordeste do Brasil (BNB), the federally-owned development bank for the Northeastern region. Startup
Although efforts have been made in recent
years to boost domestic output, Brazil still imports
most of the minerals needed to make the fertilisers
its farmers use. In 2015, imports of intermediate
products for fertilisers added up to approximately
US$ 5.0 billion, according to the Ministry of Development, Industry, and Foreign Trade, with a negative
impact on the trade balance. Ministry figures show
potassium chloride imports at US$ 2.5 billion, the
NPK group (nitrogen, phosphorus and potassium)
at US$ 2.03 billion, urea at US$ 882 million, and
superphosphates at US$ 406 million.
With the aim of reducing dependence on imports, Brazilian producers have investment plans
in the phosphate and potassium areas which add
up to around US$ 3 billion. The largest projects are
those of Galvani (which now has the support of
Yara), Potássio do Brasil (controlled by
the Forbes Manhattan group), Bemisa,
and the Transgas group.
Galvani is implementing an expansion programme that includes two
greenfield projects (Serra do Salitre and
Santa Quitéria) and three brownfield
projects (Angico dos Dias, Irecê, and Luiz
Eduardo Magalhães). The Serra do Salitre
project, with an investment budgeted at
US$ 400 million, is planned for an annual
output of 1.2 million tons of phosphate
rock, 750,000 tons of sulphuric acid,
180,000 tons of phosphoric acid, 870,000
tons of granulated fertilisers, and 100,000 Vanádio de Maracás vanadium plant: the first in Brazil
12
is programmed for either the second half of 2017 or
the first half of 2018, depending on how long it takes
to complete the environmental licensing procedure.
Galvani’s brownfield projects will call for investments on a smaller scale, at around US$ 20 million
each. At Angico dos Dias the aim is to boost phosphate rock output to 360,000 tons a year, mainly by
recovering and washing the accumulated tailings.
This project may come on stream in July 2017.
At Irecê, a two-stage project is planned, doubling
phosphate rock output from 100,000 to 200,000
tons a year, using the primary ore from the deposit
owned by CompanhiaBaiana de Pesquisa Mineral
(CBPM), a Bahia state government agency. The first
stage of the Irecê project is in ramp up stage, and the
second stage is expected to 2018. At Luiz Eduardo
Magalhães, the project calls for increasing output of
sulphuric acid from 170,000 to 210,000 tons a year.
Also to be expanded is production of SSP in both
powdered and granulated form.
A further possibility in the phosphate area is
Bemisa, whose portfolio includes the Jauru project
in MatoGrosso, where potential reserves are said
to amount to 400 million tons having a 5 percent
phosphorus content. The company is already operating a pilot plant where it is testing the processing
cycle, after which the engineering projects will be
given the go-ahead.
Another company that began operating recently is DuSolo, producing natural fertiliser for
direct application in the soil. In 2015 the company
sold 12,200 tons of the product, mostly at its own
premises, since the company is located in an area of
intense agricultural activity.
In potassium, U.S.-owned Transgas Development Brazil is planning a coal-based fertilizer plant
in the state of Rio Grande do Sul, calling for an
investment of around US$ 2.7 billion. The plant will
extract sungas (a mixture of carbon monoxide and
hydrogen) from coal and use it as a raw material for
producing fertiliser.
Potássio do Brasil has completed the Environmental Impact Survey and Report (EIA/
RIMA) for its planned silvinite mining
project in the municipality of Autazes
in Amazonas, and has duly handed the
paperwork to the Amazonas State Environmental Protection Institute (Ipaam).
The deposits discovered up till now by
Potássio do Brasil in the Amazon River
basin are located at depths ranging from
680 to 1,000 metres (from 2,200 to 3,300
feet) and have been found to hold an
average 33 to 40 percent potassium chloride (KCl) content. Geological reserves
at the Autazes deposit are in excess of
600 million tons. Potássio do Brasil is
aiming at a minimum annual production figure of
2 million tons of potassium chloride, with startup
scheduled for the first quarter of 2018. The projected
demand for potassium on the Brazilian market, at
that date, ranges from 6 million to 8 million tons a
year, which means that the entire output at Autazes
will be placed on the domestic market.
Nickel and zinc
Brazilis by no means a major player in world
nickel production, although there are a handful of
operations here that have been operating for many
years. There are only four companies engaged in
nickel mining: Votorantim Metais, Anglo American, Vale,and Mirabela.
The leading producer is Votorantim Metais,
though it has recently decided to suspend its nickel
operation, following the severe fall in the world
price. Anglo American ranks second, followed by
Vale and Mirabela. Vale operates a single nickel
mine, Onça-Puma, located in Pará, which in 2014
produced 21,400 tons of nickel content, while in
the same period Mirabela produced concentrates
having a nickel content of 12,000 tons.
In early 2016 Mirabela – currently under
administration by its creditors – was producing at
less than its full capacity and is thought unlikely to
return to a normal operating level any time soon.
Anglo American, meanwhile, has finished rebuilding one of its furnaces at Barro Alto, in Goiás,
and is now at the ramp-up stage to achieve a higher
output level of 36,000 tons of ferronickel per year.
In the new projects area, the British mining
company Horizonte Minerals has declared an
intention to invest in the Araguaia project for
producing lateritic nickel in the Conceição do
Araguaia area. A pre-feasibility study is currently
being conducted. The nickel deposit is located 25
kilometres from the road linking Conceição do
Araguaia to Redenção, it holds potential recoverable reserves of 102 million tons, and has an
estimated useful lifetime of 25 years, according to
the technical report on the project. Mining may
begin as early as 2017, about two and a half years
after the conclusion of the studies.
Zinc production in Brazil is in the hands of a
single company, Votorantim Metais, which currently operates four mines, all located in the state of
Minas Gerais: Três Marias,Juiz de Fora, Vazante,
and Morro Agudo. Apart from Votorantim Metais,
noother company has any zinc mining projects.
Among Votorantim’s projects is a new mining
complex at Aripuanã, in MatoGrosso, which in
an initial stage may produce 60,000 tons a year of
zinc concentrate, in addition to 20,000 tons of lead
concentrate and 6,000 tons of copper concentrate.
The investment is estimated at US$ 250 million
Location of Eldorado Gold’s Tocantinzinho project
and implementation is scheduled to begin before
the end of 2016. At an unspecified future date,
the production level at Aripuanã may be raised to
140,000 tons of zinc concentrate.
The company also recently approved an expansion plan for mining operations at its Vazante
complex in Minas Gerais. A R$ 600 million investment budget will extend the useful lifetime of the
mine, enabling deposits to be recovered at deeper
levels. The enlargement operation is scheduled for
completion by the end of 2017. The company has
also invested R$ 215 million to exploit the northern
edge of the Vazante complex, which is expected to
add 470,000 tons to its annual output.
Vanadium
In 2014 Brazil became a vanadium producer for the
first time, when Largo Resources started up its Maracás
Menchen mine located in Campo Alegre de Lourdes, in
Bahia. The first stage of the mine is now producing nearly
10,000 tons per year. Under a 2015-16 investment budget
amounting to $30 million (Canadian),Largo is engaged
in a programme for optimization of operations. 
Ornamental rocks
The ornamental rocks business has been developing fast in Brazilin recent years. According to
the industry association Abirochas, total output in
2014 was 10.13 million tons, practically unchanged
from the previous year. Some 1,500 quarries are
known to be currently active in Brazil, varying
widely in size, and producing 1,200 different varieties of rock. Special processed rocks account for
the largest share of overall output, with 93 million
square metres per year, followed in second place
by simple-process rocks, with 50 million square
meters. The main producing states are Espírito
Santo, Bahia, Minas Gerais, Rio de Janeiro, São
Paulo, Ceará, and Piauí.
Brazil has a sizeable domestic market, amounting to 75.7 million square metres a year, and is also
shaping up as a large-scale exporter, principally to
the U.S.market, where Brazil is the leading supplier
with a 2015 volume of 17.5 million square metres.
Export sales worldwide yielded an income of US$
1.2 billion in 2015.
13
14
15
The 100 Largest
Crédito: Agência Vale
The 100 Largest
Mining Companies
in Brazil
Potassium chloride mined by Vale
16
Company
Products
1
Vale
Iron ore, copper, Gold, Nickel,
Phosphate, Potassium, Manganese
2
Companhia Siderúrgica Nacional
Iron ore
3
Samarco Mineração S.A.
Iron ore
4
Mineração Rio do Norte S.A
Bauxite
5
Yamana Gold
Copper, Gold
6
Votorantim Cimentos
Limestone, granite, cement
7
Gerdau Açominas S.A.
Iron ore
8
Anglogold Ashanti Córrego do
Sítio Mineração S.A.
Gold
9
Mineração Paragominas S A
Bauxite
10
Kinross Brasil Mineração S A
Gold
11
Mineração Usiminas S.A.
MinérIron ore
12
Mineração Caraíba S.A.
Copper, Gold
13
Anglo American Níquel Brasil Ltda.
Nickel
14
MMX
iron ore
15
Votorantim Metais
Bauxite, Nickel, Zinc
16
Companhia Brasileira de Metalurgia e Mineração
Niobium
17
Alcoa World Alumina Brasil Ltda.
Bauxite
18
Arcelor Mittal Mineração Serra Azul S.A.
Iron ore
19
V & M Mineração Ltda
Iron ore
17
The 100 Largest
18
20
Ferrous Resources do Brasil S.A
Iron ore
21
Sama S.A Minerações Associadas
Asbestos (chrysotile)
22
Ferromar Industria e Comércio Ltda
Iron ore
23
Imerys Rio Capim Caulim S.A
Kaolin
24
Mirabela
Nickel
25
Mineração Taboca S.A.
Tin, Tantalum
26
Beadell Brasil Ltda
Gold, Iron ore
27
Cia de Ferro Ligas da Bahia
Chromite
28
Ferro + Mineração S.A
Iron ore
29
Embu S.A Engenharia e Comércio
Aggregates (gravel and sand)
30
Copelmi Mineração Ltda
Coal
31
Anglo American Nióbio Brasil Ltda.
Niobium
32
Minerita Minérios Itaúna, Ltda
Iron ore
33
Mineraçao Conemp Ltda
Iron ore
34
Basalto Pedreira e Pavimentação
35
Cia Brasileira de Equipamentos (CBE)
Limeston, Cement
36
Intercement Brasil S.A
Limestone, Cement
37
Nacional de Grafite Ltda
Graphite
38
Companhia Riograndense de Mineração
Coal
39
Mineração Belocal Ltda
Limestone
40
Holcim (brasil) S.A
Limestone, Cement, Aggregates
41
Mineração Apoena S.A
Gold
42
Mib Mineração Ibirité Ltda
Iron ore
43
Mineração Jundu Ltda.
Industrial sand, Dolomite
44
Lafarge Brasil
45
Indústria Carbonífera Rio Deserto
Coal
46
Mineração Aurizona S.A.
Gold
47
Cristal Pigmentos do Brasil S.A (Filial Baixada)
Titanium
48
Carbonifera Metropolitana S.A
Coal
49
Ibrata Mineração Ltda
50
Cadam S.A.
Kaolin
51
Magnesita Refratários S.A.
Magnesite
52
Anglo American Fosfatos Brasil Ltda.
Phosphate
53
Safm Mineração Ltda
Iron ore
54
Pedreiras Parafuso Ltda
55
Ciplan Cimento Planalto S.A
Limestone, Cement
56
Cimpor Cimentos do Brasil S.A.
Limestone, Cement
Geosol
19
The 100 Largest
20
57
Mineração Buritirama S A
Manganese
58
Serveng - Civilsan S.A. Empresas
Associadas de Engenharia
59
Extrativa Mineral Ltda
Iron ore
60
Galvani
Aggregates (gravel and sand),
Phosphate
61
Mbl Materiais Básicos Ltda
Iron ore
62
Petra Agregados RJ Ltda
63
Mineração Santa Luzia de Itaguaí Ltda
64
White Solder Metalurgia e Mineração Ltda
Tin
65
SARP Mineração Ltda
66
Copacel Indústria e Comercio de Calcário e Cereais Ltda
Limestone
67
Carbonifera Criciuma S.A.
Coal
68
Mineração Riacho dos Machados Ltda.
Gold
69
Mineração Serras do Oeste (Jaguar Mining)
Gold
70
Ical Indústria de Calcinação Ltda.
Limestone
71
Anglo American Minério de Ferro Brasil S.A
Iron ore
72
MSM - Extração de Minérios Serra da Moeda Ltda
Iron ore, Manganeses, Bauxite, Clay
73
Itaquareia Ind. Extr. Minérios Ltda
74
Corcovado Granitos Ltda
Ornamental Stones (Granite, Marbol)
75
Mineração Guidoni Ltda.
76
Reinarda Mineração Ltda
Gold
77
Dow Brasil Nordeste Ltda.
Bentonite
78
Mineração Bodoquena S A
Limestone
24th World Mining Congress
MINING IN A WORLD OF INNOVATION
MINERAÇÃO NO MUNDO EM INOVAÇÃO
October 18 - 21, 2016
SulAmérica Business Center
Rio de Janeiro/RJ
18 a 21 de outubro de 2016
Centro de Convenções SulAmérica
Rio de Janeiro (RJ)
For further information, log on to:
Inscrições e informações:
www.wmc2016.org.br
PROMOTION PROMOÇÃO
TAKE PART!
PARTICIPE!
Don’t miss the opportunity to discuss the
most important issues of global mining.
The 24th edition of WMC will be promoted by
the Brazilian Mining Association - IBRAM.
Não perca a oportunidade de debater os temas mais
importantes da mineração mundial. O evento, que ocorre
desde 1958, terá sua 24ª edição promovida pelo IBRAM.
INSTITUTIONAL SUPPORT APOIO INSTITUCIONAL
SPECIAL SUPPORT APOIO ESPECIAL
OPERATIONS MANAGEMENT
GERENCIAMENTO DE OPERAÇÕES
COMMUNICATION AGENCY
EXECUTIVE PRODUCER AND MARKETING
AGÊNCIA DE COMUNICAÇÃO
PRODUÇÃO EXECUTIVA E COMERCIALIZAÇÃO
21
The 100 Largest
22
79
Carbonifera do Cambui Ltda
Coal
80
Mineração Floresta do Araguaia S.A
Iron ore
81
Convem Mineração Ltda.
Aggregates
82
Vetorial Mineração S A
Iron ore
83
Companhia Brasileira de Lítio
Lithium
84
Mtransminas Minerações Ltda.
Iron ore
85
Crusader do Brasil Mineração Ltda
Iron ore
86
Mineradora Pedrix Ltda
87
Jandaia Calcário Agrícola Ltda
Limestone
88
Guarany Siderurgia e Mineração S.A.
89
Agroindustrial Delta de Minas S.A
Limestone
90
Mineração Caldense Ltda
Refractory bauxite
91
Pedreira Anhanguera
92
Marbrasa Norte Mineradora Ltda
93
Britacal Ind. e Com. de Brita e Calcario Brasilia Ltda
94
Brasitália Mineradora Espirito Santense Ltda
95
Britagem Vogelsanger Ltda
96
Xilolite S.A
Clay
97
Mineração de Calcário Montividiu Ltda.
Limestone
98
Ultracal Indústria e Comércio Ltda
Limestone
99
Construtora Martins Lanna Ltda
100
Mineração Lapa Vermelha Ltda
Limestone
*Sponsors until January 18th.
Mineral exploration:
growing through
innovation and responsibility
Votorantim Metais invests in mineral exploration based
on responsible practices and the most modern technologies
in the global market. The strength of our reserves places
us among the companies with the greatest mining growth
potential in the world.
Follow us on Linkedin:
linkedin.com/company/votorantim-metais

waiting for recovery

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