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Brazil's mining royalty collection down 29.1% in November

Bnamericas Published: Tuesday, December 10, 2013

Brazil's mining royalty - known as the CFEM tax - totaled 166mn reais (US$71.7mn) in November, down 29.1% year-on-year, according to national minerals production department DNPM, local press reported.

In January- November, the CFEM collection reached 2.21bn reais, surpassing the 1.83bn reais in royalties collected in 2012, DNPM said.

Among the changes established in the country's new mining framework, which was presented on June 18 by President Dilma Rousseff and mines and energy (MME) minister Edison Lobão, royalty payments will be charged on companies' gross sales, rather than on net sales as is currently the case.

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