Resilient iron ore prices throughout 2018 further encouraged growth from Brazil, the world's second-lowest cost and second-largest exporting country. Largely driven by the ramp-up of the Vale’s low-cost, high-grade S11D project, Brazil’s marketable production grew by almost 2% for the year. Yet, 2019 will see the country's production dropping by at least 12% thanks to Vale's Córrego do Feijão dam burst and all the supply cutbacks announced by the company in the aftermath of the event. Overall, Brazilian miners are set to enjoy lower cash costs in 2019 mostly as a result of seasonally lower oil prices and an even depreciated Brazilian real. These two factors, coupled with the ramp-up of low-cost projects, such as Vale's S11D and Anglo American's Minas-Rio, will mean that the average cash cost for Brazilian producers will drop by over 4% in 2019.