UPSC CSE Prelims 2014
Statement 2 is correct. South Africa formally joined the BRIC grouping in 2010, leading to its expansion into BRICS. This made South Africa the fifth and final country to join the original grouping of five nations.
Statement 1 is incorrect. The first official summit of the BRIC grouping (Brazil, Russia, India, China) was held in Yekaterinburg, Russia, in June 2009. It was not held in Rio de Janeiro.