Brazil’s mining industry exports grew 9.5% in 2023 from the previous year to 392 million tonnes, according to data released on Wednesday by industry group Ibram.

Ibram, which represents companies operating in Brazil such as Vale, Gerdau, ArcelorMittal and Mosaic, said iron ore accounted for more than 70% of total exports.

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Investments expected for the period between this year and 2028 should reach $64.5 billion, an increase of 28.8% compared to the forecast for the 2023-2027 period.

Most of that, 26.8%, should be invested in iron ore, with socio-environmental investments representing 16.6% of that figure and logistics accounting for 16.1%, according to Ibram data.