Investments in the mining sector in the state of Minas Gerais should reach an estimated BRL 16 billion ($2.98 billion) in the next four years, according to a media report from O Tempo.
The estimate was unveiled by Wilson Brumer, president of the board of the Brazilian Mining Institute, also known as IBRAM.
Brumer said the state of Minas Gerais should account for almost half of a combined BRL 32.5 billion ($6 billion) investment expected for the Brazilian mining segment in four years.
Minas Gerais is home to a number of large mining and steelmaking companies, including Vale, Anglo American Brazil, Gerdau, flats producer Usiminas, among others.