BNamericas quoted Mr João Carlos Ferraz director of Brazilian development bank BNDES as saying that investments in the Brazilian steel and mining sectors should more than double to over BRR 110 billion in the 2008 to 2011 period compared to 2003 to 2006 period. The figures equal nearly 25% of all investments in Brazil.

According to BNDES, investments in all industries are expected to equal BRR 447 billion through 2011. Investments in mining alone should jump to BRR 81.3 billion from BRR 38 billion as compared to the previous period. In 2003-06, the two sectors combined received a total of BRR 55.6 billion. The mining sector obtained a 16.4% growth rate whereas steelmaking increased 12.1%.

Mr Ferraz said that "The minerals industry in Brazil has a unique opportunity in its history to enter a cycle of long term development whereby companies can aim for leadership positions. The big challenge is to remain strong."

He also pointed out that Brazil has a private sector with abundant resources to invest in expansion.

Some of the goals for the Brazilian mining industry in 2010 are to remain among the world's top ore producers, and increase research and development spending to 0.68% of company revenues from the current 0.53%.

Mr Ferraz is also a strong supporter of the internationalization process of Brazilian companies. More specifically, he said that businesses should pursue more acquisitions of foreign assets and consolidation of companies.

He further added that "The mining sector today is very competitive with elevated cash generation, a solid production chain and expansion of exports. But constant investment in innovation is necessary to consolidate the new cycle."