Brazil mining sector eyes US$57B in investment

SAO PAULO, Brazil (AP) -- The Brazilian Mining Association says it expects investments to expand the nation's mining industry will reach US$57 billion in the next four years.

The group predicts the iron sector will see an estimated US$37 billion in investments, or 65 percent of the total. About US$5.5 billion is anticipated for nickel exploration.

The association said in a statement Wednesday that its previous estimate, released in January, predicted investments of US$48 billion through 2012.

Brazil is home to the world's largest iron ore miner, Companhia Vale do Rio Doce SA, or Vale.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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