The Brazilian Mining Institute (IBRAM) stated its expectations for an increase of five percent in domestic iron ore production in 2012, compared with the previous year. In 2011, the industry reported a record growth of 25 percent year on year in iron ore output to 467 million mt.
IBRAM president José Fernando Coura expressed concern regarding the worsening of the economic crisis in Europe, saying, " The crisis in Europe affects China, our largest buyer of agricultural and mineral commodities." However, he stated that the forecast for investments of US$75 billion in the mining sector in Brazil from 2012 to 2016 remains unchanged despite the worsening crisis. According to Coura, the investments are part of expansion projects.