Political turbulence, weak commodities and a decrease in the value of the local currency meant that Brazil’s economy from 2011-14 had an average annual growth of only 2.2%, slower than many of the country’s neighbors.

 2015 saw iron prices drop to a five year low of $75 per ton, a considerable hit to Brazil’s mining industry for which iron is the industry’s most important export. The Benito Rodriguez dam disaster of November brought global scrutiny to the country’s mining sector.

However, investors cannot afford to take Brazil out of their priority list of mining destinations and will be looking for opportunities that the current set of challenges present. The fallout of the dam disaster will instil a renewed vigor in the sector as companies push to demonstrate commitment to corporate social responsibility. A wealth of new projects and explorations show that Brazil is still a sound destination for long-term rather than short-term investment.