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Brazil passes mining law amendments to spur investment

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Brazil passes mining law amendments to spur investment

Brazilian President Michel Temer issued two decrees overhauling the country's mining laws in a bid to attract investment in the sector and implementing rules for the collection of higher mining royalties, Reuters reported June 12.

According to the report, citing the Mines and Energy Ministry, changes to the 1967 mining code allow for mining titles to be used as guarantees for financing, as well as allow companies to continue mineral exploration while the grant of production license applications are pending.

In addition, the mining ministry noted the revised code includes stringent rules for the recovery of degraded areas and mine closure planning.

Meanwhile, a separate presidential decree was passed that implements rules on the redistribution of mining royalties on a variety of minerals approved by Congress last year, concurrent to the revisions to the 50-year old law.

Under the decree, municipalities affected by mining activities taking place elsewhere will receive a portion of the mining royalties under the revised law, which is viewed to benefit the Brazilian states of Maranhao, Rio de Janeiro and Espirito Santo, which transport minerals from the inner parts of the country.