2024年巴西礦業(yè)報告（英）

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BRAZILMINING2024

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ImagecourtesyofSamarco

IntheInternationalSpotlight

AnintroductiontoBrazil'sminingindustry

BrazilwillfinditselfintheinternationalspotlightlaterthisyearasittakesontherotatingpresidencyoftheG20in2024andpreparestohostworldleadersfromtheworld'sbiggesteconomiesinRiodeJaneirothisNovember.Thesummit'smotto,'BuildingaJustWorldandaSustainablePlanet',underlinestheLulagovernment'sattemptstomakegreendiplomacythefulcrumofBrazil'sforeignpolicy.Therearetwocentralpillarstothispolicy:custodianshipoftheAmazonrainforestandtheprovisionofcriticalmineralsfortheelectrificationofsupplychains.TheminingindustryistransforminginBrazil,growing,diversifyingandcomingundergreaterscrutinyfromover-stretchedregulators.

Brazilisclearlyaminingpower,astheworld'slargestproducerofniobiumandsecondlargestofironore,andhometoVale,whichgeneratesoverUS$40billioninrevenueayear.AccordingtofiguresfromIBRAM,BrazilianmineralexportsreachedUS$42.98billionin2023.Despitethesefigures,over50%ofthecountryremainsgeologicallyunmapped,andseveraldiscoveriesinrecentyearsacrossdifferentcommodityclasses,fromgoldtorareearths,pointtothecountry'suntappedpotential.

Brazil'sminingsectorisstilldominatedbyironoreproduction,however,therearedevelopmentsandprojectsacrossasuiteofdifferentmineralslayingthefoundationsforthecountrytobecomealeadingexporterofmineralscrucialfortheenergytransition.MarcosAndréGon?alves,presidentofADIMB,said:"Thereareseveralnewdevelopmentsinthemineralexplorationsceneforrareearth,lithium,andbasemetals…Theenergytransitionhasinfluencedtheminingsectorforgood,withnewexplorationinvestmentsfromAustralian,CanadianandAmericancompanies."

“Brazil'scapitalmarketsarestrongbutlacktheminingexpertiseofglobalminingexchanges.TheBrazilianmarket

realizestheneedto

supportthecleanenergytransitionlocally.”

GuillaumeLégaré,Head,SouthAmerica,TorontoStockExchangeandTSXVentureExchange

Theminingindustry'sprincipalchallengegloballyisaccesstocapital,andinBrazilitisnodifferent.Thesectoriscaughtinacuriousparadoxbetweentheincreasingdemandforcriticalmetalsandlessfinancingavailabletodeveloplong-term,capital-intensiveprojects.DiscussingBrazil'sminingfinanceeco-system,GuillaumeLégaré,headofSouthAmericafortheTorontoStockExchangeandTSXVentureExchange,said:"BrazilranksfifthinLatinAmerica,with34companieswith95miningprojectsinthecountry.Givenitssize,thismakesitarelativelyunderexploredjurisdictionrepresentedonourexchanges,underliningitspotential.AlthoughthereissignificantpotentialforgrowthinBrazil'sminingsector,weneedtopromoteitfurthertofacilitatecapitalaccessforlocalentrepreneurs."

Miningleadersstressedtheneedformorefinancingopportunitiesduetothedearthofavailablecapital,distortedbymarkettrends,andareluctancefrompublicinvestorsandtraditionalbankstoinvestinsensitiveminingandlong-termcapitalprojects.Instead,privateequityhousesarepickingupsomeoftheslack.Thereare,however,publicinitiativestoencourageaminingfinanceeco-systeminthecountry.InadditiontotalksaboutpromotingaRiodeJaneirostockexchange,whichwillbemoreopentojuniorminingcompanies,AdrianoTrindade,partneratMattosFilho,aleadingBrazilianlawfirm,said:"Currently,BNDESisstructuringafundaimedatinvestingincriticalminerals,particularlyinexplorationanddevelopment.BNDESwillcontribute25%ofthefundandisnowseekingtheremaining75%fromotherinvestors."

ForAppianCapitalAdvisoryLLP,aleadingprivateequityplayerinBrazil'sminingindustrywithUS$3.6billionofassetsundermanagement,whoseportfolioincludesAtlanticNickel,Minera??oValeVerde,GraphcoaandOmnigenEnergy,thedearthofavailablecapitalforminingprojectsisbeingtackledhead-on.Discussingthesechallenges,SilvioLima,headofcorporateaffairs,ESGandcommunityengagementsaid:"Theinherentvolatilityofcommoditypricesmakessecuringfinancingforlong-termprojectsdifficult.Additionally,miningprojectsoftenhavelengthylifespans.Thisextendedprojectcyclecandeterpotentialinvestorsseekingquickerreturns."

TheinvestmenthouseisbullishaboutthefutureofminingandBrazil'sroleasaproviderofcriticalmineralsnecessaryfortheglobalenergytransition.Limasaid:"Theincreasingdemandformineralsessentialforrenewableenergytechnologiesandelectricvehiclebatteriescreatesauniqueopportunityforinvestorstosupportthegreentransition.".

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GDP(currentUS$)

2.17trillion

GDPgrowth

2.9%

BrazilCountryStatistics

Population

216.4million

Renewableenergygeneration(%oftotal)

93.1%

In?ation,consumerprices(annualchange)

Sources:WorldBankGroup,Brazil'sMinistryofMinesandEnergy.Datafor2023.

4.6%

Ironoreexports

Miningsectorrevenue

BillionUS$

Millionsoftons

BillionR$

339

378.5

344.1

250

248

209

218.4

153

129.5

110

101

$28.9

$30.5

$18.3

20222023H12024

2017201820192020202120222023H12024

Source:IBRAM,MinistryofDevelopment,IndustryandForeignTrade

Investmentattractivenessindex

80

75

70

65

60

55

50

45

40

35

30

20192020202120222023

BrazilChileColombia一MexicoPeru

Source:FraserInstituteAnnualSurveyofMiningCompanies,2023

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ImagecourtesyofAnglogoldAshanti

leadership,andrevampingprocessingsystemstohandle12milliont/y,nowaimingfor16milliont/y."

MiningProduction

MineraloutputinBrazilcontinuesitsupwardtrajectory

ThecompanyhasbeenabletoleanonthefinancialmuscleoftheJ&FGroup,investingheavilyinupdatedprocessingsystems,newfleetsofequipmentandqualifiedteams.TargetingEuropeanmarketsforexport,LhgMiningisproducinghigh-gradelumporesandisdependingonEurope'stransitionfromhightolow-emissionindustries,introducingcarbonpricingandESGsensitivity.LhgMining'sgrowthhasbeenexplosive,butthecompanyhasencounteredsomebottlenecks.Thisyear'sprincipalchallengehasbeenadroughtintheregion,impactingtheriverbargetransportationsystem.AsAlvesexplained:"OurmainchallengeinvolvesmanagingcomplexlogisticsinaremoteregionborderingBrazilandBolivia.Ouroretravels2,500kmalongariverroutetoreachashallowwaterport,necessitatinginnovativesolutionstostreamlineoperationsandlowercosts."

complexestomanufacturelow-carbonsteelproductsandsupplybriquettes.Inthelead-uptotheRiodeJaneiroG20summitthisyear,delegationsfromSaudiArabia'sMinistryofMininghavevisitedValefacilitiesinthecountry.Vale'spartnershipwithSaudiArabia'sManaraMinerals,ajointventurebetweenMa'aden,SaudiaArabia'sstate-ownedminingcompany,andSaudiArabia'sPublicInvestmentFund,wascompletedthisyear,withManaraMineralsacquiring10%ofValeBaseMetalsLimited(VBM).

Samarcoiscontinuingitsjourneyofreconsolidation,andin2023,approvedadebtrenegotiationdealandaR$1.6billioninvestmentintothecompany'sproductionprocess,increasingproductioncapacityto60%andconstructingnewfiltrationsystems.Samarcoisalsoinvestingheavilyinitsoperationalworkforceandhasplanstohire600directemployees.Thecompany'stotalworkforce,over15,000strong,nowexceedsitspre-2015levels.Samarcoalsoreportsthatithasachieved75%completiononthede-characterizationprojectoftheFund?odam,oneofLatinAmerica'slargest.DiscussingSamarco'sgradualrecoveryofproductionandoperations,RodrigoVilela,Samarco'sCEO,said:"In2025,weaimtoproduceapproximately15milliontonsofpellets,whichpositionsusasoneofthesecondorthird-largestexportersglobally,asignificantplayeraswewereinthepast.Ourfocusremainsoncompletingthisproject,ourprimaryexpectationfor2025."

IronproductionistheengineofBrazil'sminingsector,dominatingtheindustrybyvolume.Thecountry'sleadingplayer,Vale,hasachievedseveralmilestonesthisyear.Following2023'sproductionachievements,whenproductionincreasedby29%yearly,2024hasbeennodifferent.ItsQ22024figurespointtoanincreaseof2.4%,or80.6milliont/y,puttingthecompanyontracktoreachitsprojectedguidancefiguresofproducingbetween310and320milliont/yin2024.Valealsoreportedreaching100%renewableenergyconsumptionthisyear.

ValeispursuinganinternationalstrategyofdevelopingMegaHubsworldwide,includinginSaudiArabia,establishingindustrial

3AMining,anironproducerthatoperatesinthesameregion,hasaninstalledcapacityof1.5milliont/yanddependsonthesametransportationsystemasLhgMining.Thedroughthaspostponed3AMining'seffortstodoubleproductionfigures.Discussingtheindustry'schallengesintheregion,FabioAssump??o,miningoperations,logistics&salesdirector,said:"TransportationconstraintsinMatoGrossodoSulhavebeenachallenge.Theregionhasexperiencedaseveredrought,hinderingthetransportofmaterialsfromtheCorumbáriverporttothemaritimeportinUruguay.Asaresult,wehavelimitedourproductioncapacitiesthisyear."

InMinasGerais,thecountry'sminingheartland,BeloHorizonte-basedLGAMinera??oeSiderurgiaisanironoreproducerwitha

"Braziliswell-positionedtosupplyproductswithsignificantlyloweremissionsthanourcompetitors.Our

productionprocess

utilizescleanenergy,andouroperationsaredesignedtominimizeemissions.”

RodrigoVilela,CEO,

Samarco

capacityof2milliont/yattheCongonhasplant.Thecompany,whichsuppliesVale,CSN,andGerdau,iscurrentlyintheengineeringphaseofincreasingitscapacityto4.5milliont/y.DiscussinghowLGAhasdiversifieditsbusinessbyestablishingcommercialpartnerships,PauloToledo,LGAMinera??oeSiderurgia'sCEO,said:"BeforetheMarianaaccidentinBrazil,weinvestedinequipmenttotreatourwaste,specificallyin2015whenweestablishedacollaborationwithJing-Jin,thelargestmanufactureroffilterpressesglobally.Today,werepresenttheminBrazil,supplyingequipmentformining,wastetreatment,watertreatment,chemistry,andfertilizers."

Brazilisalsooneoftheworld'sleadingtinproducers.Minera??oTaboca,whichin2008becamepartofthePeruviancompanyMinsur,

DiscussingsomeofthetechnicalandoperationalchallengesthatSamarcoisconfrontingasitcontinuestorevampitsoperations,Vilelasaidthatfindingusefortheenormousvolumesofwastematerialhasbeenthecompany'sprincipalchallenge.Onthistopic,Vilelaadded:“Theprimarychallengeisconsolidatingouroperationswhileintroducingnewtechnologies,particularlyfindingusesforourwastematerials.Wearealreadyconstructingroadsandpavementsusingtheseby-products,representingasignificantchallengefortheentireindustry,notjustSamarco.”

BeyondVale,therearenewentrantstotheironindustry,whichincludeLhgMining,partoftheJ&FGroup,thelargestprivateconglomerateinBrazil.J&FGroupacquiredassetsfromValein2022,includingtheSantaCruzandUrucumminesinMatoGrossodoSul.Itsoperationsincludeafullyintegratedsupplychain,andriverportstotransportmaterialviabargethroughtheParaguaywaterwaytoportsinUruguay,particularlyinNuevaPalmira.DiscussingLhgMining'srapidadaptationandentrancetothemarket,ClaudioAlves,directorofnewbusiness,said:"Our12-monthinvestmentssincetheacquisitionincludegrowingourteamby200%,recruitingsenior

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"Theglobaltinmarketishighlyconsolidatedandisexpectedtogrow

steadilyoverthenext

years,mainlydriven

byanincreasein

electronicalindustries,particularlyforsolderingapplications."

EduardoOrban,CEO,Minera??oTaboca

"Luangapresentsacompellingcaseforopenpitminingduetoits

shallowmineraldeposits,reachingamaximum

depthofapproximately300meters."

LuisAzevedo,CEO,

BravoMining

operatesthePitingamine,arichtinandtantalumminelocatedintheAmazonRegion,andatinsmelterinPiraporadoBomJesus,nearS?oPaulo.Minera??oTabocaistheleadingminingcompanyinAmazonas,andEduardoOrban,Minera??oTaboca'sCEO,discussedsomeofthelogisticalandoperatingchallengesfacedbythecompany:"WeareadjacenttoabiologicalreserveandtwoIndigenouscommunities,withoneofthemwehavealong-termagreementtogiveaccesstoourproperties.Maintaininggoodrelationshipswiththesecommunitiesiscrucial."

Minera??oTabocahasinvestedheavilyinitsESGcredentials.Orbansaid:"Wehaveresponsiblemineralinitiativecertificationsforourtinandtantalumsmelters,controllingtheentiresupplychainfromourminestosmelters.TabocaisISO9001,ISO14001,andISO45001certified.WefollowICMMsustainabilityrequirements."

InParástate,MRN–Minera??oRiodoNorte,Brazil'sbiggestbauxiteproducerandexporter,iscontinuingworkonthelifeextensionoftheEastZone,deliveringtheFront-EndLoadingphaseonthe

miningprojectandtransmissionline.ThecompanyisalsodevelopingitsWestZonebauxiteproject,whichwillsupplementMRN'sproductionandisexpectedtocomeonlinein2028.LikeTaboca,MRNoperatesinasensitiveenvironmentalareaandhasfocuseditseffortsonengagingwithlocalQuilombocommunities.Acrucialelementofthisregardstailingsdams,andMRNhasimportedspecializedequipmentfromAustraliatoincreasethesolidcontentoftailings.GuidoGermani,CEOofMRN,said:

"Wehavefocusedonacceleratingthetailingsdrying,leveragingthesun'snaturaldryingpower.Wearealsoexploringremoteoperationsformining,mainlyforthebigdozers."

LargoInc,whichrunsavanadiumoperationlocatedinMaracásinBahia,isnavigatinghistoricallylowvanadiumprices.Tomanagevolatilityinthemarket,DanielTellechea,CEOofLargo,commented:“Largocurrentlyoperateswithtwomainstrategies:ashort-termstrategyfocusingonnavigatinglowcommoditypricesthroughefficiencyandrestructuringandalong-termstrategyaimedatincreasingvanadiumandilmeniteproduction.”

Evenathighgoldprices,financingeludesgoldjuniors

Goldpricesarereachinghistorichighs,andproducersarereapingthebenefits.AuraMineralshassince2020hadBraziliandepositoryreceipts,makingitthefirstgoldcompanylistedinBrazil,inadditiontoitsTSXlisting.HighpriceshaveallowedAuraMineralstodeliverUS$170millioninvaluetoshareholdersthroughnewdividendsandsharebuybacksinthelastthreeyears.Thecompanyistargetingproductionof450,000oz/yby2025.AccordingtoRodrigoBarbosa,CEOofAuraMinerals:“Wearefocusedonunlockingvalueinthreeareas:developing

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threeGreenfieldprojects(Almas,BorboremaandMatupá)ontimeandonbudget,significantinvestmentinexploration,increasingourmineralresourcesandreserves,andgrowingthroughM&A."

AuraMinerals'explorationeffortsincludetheSerradaEstrelaprojectinCarajás,Pará,acopperIOCGdepositthatthecompanywantstodevelopintoacoppermine.AccordingtoBarbosa,thisdevelopmentwillcontributetoAuraMinerals'diversifiedmetalsstrategy,maintainingabalancedportfoliowith30-40%ofrevenuefromcopperandtherestfromgold.

InBrazil'snorth,CanadiancompaniessuchastheTSX-VlistedBravoMiningaredevelopingprojectsinCarajás.TheexplorationanddevelopmentcompanyisadvancingitsLuangaPGM+nickeldeposit.Followingadrillingandaerialmappingcampaignandidentificationofanomalies,17high-prioritytargetsforexplorationwereconfirmed.LuisAzevedo,CEOofBravoMining,said:"T5deliveredthebestyetcopper-goldinterceptof2024globallyandtopfiveoverthelastfiveyears.ThesubsequentdrillingonT5,hole004,alsorankedasthethird-bestinterceptglobally."

BravoMiningrecentlysubmittedenvironmentalreportsfortheLuangaproject.Discussingthepotentialscaleofthisproject,Azevedomentioned:"Withclearevidenceofmineralizationatdepthsupto450meters,Luanga'sresourcepotentialcouldfeasiblydoubleortriple,underpinningourlong-termminelifeprojectionof+20years",addingthat"Carajásrepresentsafrontierminingregionwheresignificantdepositsarestillviable."

Kinross,anothermajorgoldproducerinthecountry,isridingthewaveofhighprices.Thecompanyproduced588,000ouncesofgoldin2023,equivalentto22%ofBrazil’stotalgoldproduction.GilbertoAzevedo,PresidentofKinrossBrasilcommentedthat“For2024,wehopetomaintainthesamelevelofproduction”,addingthatinBrazil,“In2024,weprojectanapproximateinvestmentofUSD$146million.”

MajorgoldcompaniesareestablishingproductioninBrazil.HochschildMining,theLimabasedLSElistedgoldminer,hasenteredcommercialproductionattheirMaraRosamine,basedinGoiásstate.Thecompany,whichenteredBrazilforthefirsttimein2022,planstoproduceover100,000ouncesofgoldinthefirstfouryearsofproduction.HochschildalsorecentlysignedanagreementwithCerradoGold,givingtheminertheoptiontopurchase100%interestintheMontedoCarmogoldprojectinTocantins,covering21mineralconcessions.

Parástateisbecomingahubforgoldmining.GMiningVentures,theCanadianTSXlistedgoldproducer,isalsopresentinTocantins.ItenteredBrazilin2021,throughtheacquisitionofEldoradoGold.Thecompany’sTocantinzinhogoldminepouredgoldforthefirsttimeinJuly2024,andthemine’sfeasibilitystudyindicatesaprojectedproductionof175,000ouncesofgoldperyearforthenext10years,turningGMiningVenturesintoasignificantgoldproducerinthecountry.

Goldprojectsareadvancingacrossthenorth,andtheParástategovernment'senvironmentalagencyhasbeenbusyworkingalongsideminingcompaniestryingtoadvancetheirprojectsintheregion,includingGMining,HochschildMining,EroCopper,andAuraMinerals.TriStarGold,aTSX-VlistedjuniorfocusedondevelopingitsflagshipgoldCastelodeSonhosprojectinParástate,haditsPreliminaryLicense(LP)andEnvironmentalImpactAssessment(EIA)approvedthisyear.NickAppleyard,TriStarGold'spresidentandCEO,discussedtheattractivenessofParáasaminingjurisdictionbecause

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ofitsgeologyandthestategovernment'sexperienceworkingwithminingcompanies:"Thismakestheregulatoryprocesssmoothercomparedtoregionswhereminingislessfamiliar.ThehistoryofmininginParámeansthatthecommunitiesunderstandandsupporttheeconomicbenefitsitbrings."

Communityengagementhasbeenacriticalfocusforthecompany,ensuringtheCastelodeSonhosprojecthasbothregulatoryandsocialsupportmovingforward.Discussingtheimportanceofstateandcommunityengagement,Appleyardsaid:"AftersubmittingtheEIA,theParáStateEnvironmentalCouncil(COEMA)reviewedit,conductedasitevisit,andheldapublichearingortownhallmeeting.Thismeetingallowseveryonetohavetheirsay.Ourrecentmeetinghadabout600attendeesandwasverysuccessful,showingstrongcommunityandstatesupport."

AnotherTSX-VlistedgolddeveloperinthestateofParáisCabralGold,advancingitspre-feasibilitystudyatthecompany'sCuiúCuiúproject.CabralGoldannounceddrillingresultscutting11mat33g/tofgoldatitsMachichieNEtargetandhashiredanewVPofexploration,BrianArkel.Thestate,whichisfamousforitsironoremining,isbecomingagolddestination.AlanCarter,CEOofCabralGold,mentioned:"LargescalegoldminingisrelativelynewtothispartofBrazil,whichissurprisingasitwasthesiteoftheworld'slargest-evergoldrushinthe1980s,withestimatesofoveramillionpeoplerecovering20-30millionozofgoldinitsrivers,allthroughinformalmining."

Goldmininginthestateoccursinremoteareas,andinfrastructureandaccesspresentchallengesforplayersacrosstheboard.Despite

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"ThequalityoftheBrazilianworkforceis

outstandingandthisisallowingustobuildourprojectsefficiently.Ourmanagementteamhas

beenhighlyimpressedwithhowquicklyand

effectivelywewereabletosetupoperationsanddeliverresultsinBrazil."

RodrigoNunes,COO,

HochschildMining

this,CarterfromCabralGoldisoptimisticabouttheregion'sdevelopment:"ThepavingofBR-163,amajornorth-southfederalhighway,andtheinstallationofa190-kmpowerlinetobringgridpowerwithin20kmofoursite,arenotablerecentimprovementsininfrastructure."

JustacrossthestateborderinMattoGrosso,AltamiraGold,aTSX-Vgolddeveloper,isworkingonitsflagshipCajueiroproject,whichstraddlestheborderbetweenParáandMattoGrosso.In2019,thecompanyfileda43-101compliantresourceof700,000ozgoldforit.Morerecently,drillingeffortsfromMariaBonita,agold-in-soilanomaly,madeahistoricdiscovery:oneofBrazil'sfirstgoldporphyrysystems.Discussingthisdevelopment,MichaelBennett,presidentandCEOofAltamiraGold,said:"WearenowdiligentlyworkingtodeterminetheextentofthegoldmineralizationatMariaBonitaandexploringotherareaswithinour30,000-hectareclaimblockforsimilardeposits."

Juniorcompaniesneedhelpattractinglongtermfinancialcommitmentsandinvestmentsintheirprojects,regardlessoftheirpromise.Accesstocapitalremainsanissue,anddilutionisasignificantconcernforjuniorcompanies.AltamiraGoldhasdevelopedacashflowstrategythroughsmall-scaleproductiontomitigatethesechallenges,asBennettexplained:"Withgoodmetallurgy,excellentaccess,cheaphydro-electricpowerandthepotentialformultiplesignificantdiscoverieswithinour30,000-hectareclaimblock,weaimtoprovidesubstantialvaluetoourshareholdersthroughsmall-scaleproductionandsubsequentexplorationfunding."

MiningforBrazil’sfoodsecurity

Alongsidemining,anotherpillarofBrazilianexportsistheagriculturalindustry.Brazilianagriculturalexportscontinuetosurgeyearly;agriculturalactivitygrewover15%between2022and2023,accordingtotheBrazilianInstituteforGeographyandStatistics.ProducersinRussia,BelarusandCanadadominatetheglobalfertilizermarket.Asthissectorcontinuestogrow,thecountry'srelianceonforeignimportsofpotassiumandphosphate,crucialforfertilizerproducts,becomesanincreasingrisk,andminingcompaniesaredeliveringprojectstoconfrontthisshortfallandsecureBrazil'sstrategicautonomyandfoodsecurity.

OnesuchexampleisPotássiodoBrasil,whichisdevelopingitsflagshipAutazesproject,whichseekstoproduce2.2milliont/yofpotassium,equivalentto17%ofBrazil'sconsumption,oncecompleted.Overthepastyear,PotássiodoBrasilhasaccomplished

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notablemilestones,includingapprovaloftheAutazesproject’simplementationlicense.Discussingtheimportanceofsecuringdomesticproductionforthecountry,AdrianoEspeschit,CEOofPotássiodoBrasil,said:"Theconcentrationofpotassiumproductionamongafewcountriesposesapotentialrisktoglobalsupplychainsand,inturn,globalfoodsecurity.OurprojectaimstosignificantlycontributetoBrazil'sagriculturalsectorbyreducingdependencyonimportedpotassiumandensuringastablesupplyoffertilizers."Espeschitcontinued:"Overthenext12months,ourprimaryfocuswillbeonadvancingkeyconstructionmilestones,includingthedevelopmentoftwo930-meter-deepshaftsandessentialinfrastructuresuchastheminingplant,accessroads,andportfacilities."

MorroVerdeisanestablishedproducerinthefertilizerindustry,producinglimestonephosphateandmagnesium,andisbasedinPratápolis.CaíqueSouza,MorroVerde'sCEO,said:"Ourgoalfor2024istoproduce600,000tofphosphateandlimestone,withatargetofreaching1.5milliont/ywithinafewyears."

SouzaalsocommentedonthedifficultiesraisingmoneyforcapitalprojectsintheminingindustryandhighlightedtherolethatprivateequityisplayinginBrazil'sminingscene,asMorroVerderecentlyreceivedsubstantialinvestmentsfromOreInvestments,aBrazilianmining-focusedinvestmenthouse.Discussingthesechallenges,Souzaadded:"Weneedalowcapital-costenvironmenttoattractinvestors.Oncearesourceisdiscovered,westillrequirecapitaltodevelopit,whichischallenginginahigh-interestenvironment."

“Brazilisestablishingitselfasanimportantregionforminingactivityglobally,notonlyintraditionalminerals,butalsointhose

consideredstrategic

duetotheireconomic,

technologicaland

industrialimportance,

suchasniobium,l