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Brazil's president approves higher iron ore royalties

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Brazil's president approves higher iron ore royalties

Brazilian President Michel Temer approved a bill to raise iron ore royalties to 3.5% from 2%, which will be applied retroactively from Nov. 1, Metal Bulletin wrote Dec. 19, citing Brazil's official gazette.

The country's Congress approved the bill late last month, and according to Mining.com, the new rate will increase collections as the royalty will still be based on gross revenues.

A Dec. 1 report from Mining.com also detailed other potential changes in Brazil's mining regulations, with the Senate recently passing legislation for the establishment of a new mining regulatory agency aimed at expediting permitting processes.