Brazil's president signs new mining royalties bill into law
Following congressional approval of a provisional measure changing mining royalties, Brazilian President Michel Temer (pictured) signed the bill into law.
Now, royalties applied to iron ore, Brazil's most important mineral, will rise to 3.5%. Other minerals set for higher royalties include gold (from 1.0% to 1.5%), niobium (from 2% to 3%), and diamonds (from 0.2% to 2%).
Rates were lowered for minerals used in construction to boost the sector, the presidency's news service Planalto said.
The measures are part of a wider mining code reform announced by Temer to create a "positive agenda" for the country.
"We had to deal with this daring topic because people did not have the courage to face that matter in the past," Temer said, noting that the issue had dragged on for years in congress. "The new law will bring many benefits to municipalities. It is a tribute to the federative principle."
Furthermore, the new law lowered the federal government's share in the collection of mining royalties from 12% to 10%.
Temer signed the provisional measures to reform the mining code on July 25. With the move, he withdrew the mining code proposed in 2012 by the government of impeached former president Dilma Rousseff.
Brazil's mineral sector had an US$11.5bn trade surplus in 1H17, according to the mining and energy ministry. The sector, which encompasses the local mining and mineral-processing industries, recorded exports of US$22.6bn and imports of US$11.1bn last year.
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