Mining Brazil's Resources

Mar 1, 2004

The developed world may fear China because its cheap labor and colossal exports threaten to decimate manufacturing industry and jobs, but Brazilians see the Asian country as an immense opportunity. Indeed, a great opportunity in Portuguese is often called - um negócio da China' -  a deal from China'. Brazil's mining and steel companies are doing well because China's industrialization has driven up the price of basic raw materials such as iron ore and steel that Brazil can produce very cheaply. Demand from China rose 81% last year, allowing Companhia Vale do Rio Doce (CVRD), the world's biggest iron ore producer, to push output to record levels.

Brazil has vast deposits of unusually high-grade iron ore and has one of the world's most...

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