This paper describes the geochemistry of water and sediment samples downstream from two iron mines in the Gualaxo do Norte River basin, north of Mariana city, Minas Gerais state, Brazil. Electric conductivity, total dissolved solids, pH, Eh, Na, K, Ca, Mg and trace elements (Fe, Mn, Al, Cd, Ni, Cr, Zn, As, Pb, Co, Sb, Cu, Mo, Rb, Sr, Ti, V, Y, Zr and Ba) have been analysed in water and sediments. The observed Na anomalies are mainly associated with the iron mine processing plants. Enriched concentrations of iron and manganese were only observed in rudimentary gold exploitation areas (prospectors) and where supergenic alteration of the banded iron formation has occurred. Iron and manganese background values are in some places higher than the limits established by Brazilian legislation. Mn, As, Sb and Ba anomalies have been observed in sediments. Their main source is associated with the sulphide-rich mineral deposits in the spring of the Gualaxo, do Norte River and not directly related to the present iron exploitation in the region. Background values are proposed for the studied region.