Brazil's Iron-Ore Production Rises 11% in 2012 to 510 Million Tons

Brazil's production of iron ore, including pellets, rose 11% last year from 2011 to an estimated 510 million metric tons, though the value of exports declined because of lower prices, the Brazilian Mining Institute, or Ibram, said late Monday.

Iron ore, the main raw material used to make steel, is Brazil's most valuable export and the biggest destination for investments by the mining industry. The South American country in 2011 accounted for nearly 17% of global production.

Brazil shipped out $30.99 billion of iron ore last year, down 26% from 2011, as international prices for the mineral declined, Ibram said, citing Trade Ministry figures.

The country's production of iron ore is expected to continue rising in coming years to 790 million tons by 2015, as the sector receives $46.03 billion in investments through 2016, Ibram said.