WELCOME LETTER
Brazil’s mining sector has roared to life in 2024. This year, the country was in the international spotlight, hosting the G20 summit in Rio de Janeiro and preparing to host the COP 30 in 2025. Mining production in the country is becoming increasingly diversified; the engine remains its iron ore sector, but there is an ever-growing number of projects across a suite of minerals, including gold and critical minerals from rare earths to lithium. This activity also translates into economic opportunity dispersed across the vast country, from gold projects in the north to lithium in Minas Gerais. Key developments took place in 2024: Vale announced the entry of a new leadership team, with Gustavo Pimenta, formerly CFO, now taking charge as CEO. In the critical minerals space, developments included Pilbara Minerals’ proposed acquisition of Latin Resources and its Salinas project for over US$360 million, and Sigma Lithium receiving a R$487 million binding commitment from the BNDES for a 16-year loan to fully fund Sigma’s second Greentech plant, so that the company can double production. Most notably, the B3, Brazil’s stock exchange, and the Toronto Stock Exchange (TSX) have announced a strategic partnership to boost the number of mining companies listed in Brazil and direct much-needed capital to the sector. The Brazil Mining 2024 report, part of our GBR Series, delves into these and other topics, providing a comprehensive annual guide to mining in Brazil and exploring the most topical issues with mining and industry executives across the country and the sector’s value chain, from producers to engineers, consultants and technology providers, among others. We are deeply grateful for the participation of our partners and interviewees. Thank you for choosing Brazil Mining 2024 as your guide to the Brazilian mining industry.