Brazil's new mining minister wants framework with 'clear rules'
Brazil's new mining and energy minister Fernando Coelho Filho has promised to make the country's proposed new mining framework more flexible, paper Valor Econômico reported.
Coelho Filho stepped in as minister this month following the suspension of president Dilma Rousseff, who faces impeachment and was replaced by interim president Michel Temer.
The new minister pledged to push the mining bill through congress, but to adapt it so it involves "less interference and more regulation."
The current framework is nearly half a century old but the proposal to update it has failed to win industry support.
"We want to reach an understanding to update the mining code. The definition of clear rules is a priority, but I don't want to take any sides and say we need to approve it anyways," Coelho Filho was quoted as saying.
According to the minister, the current 2% tax charged on iron ore sales is outdated. Australia charges 7.5%, with Russia and China collecting 4.8% and 2.5%, respectively.
Brazil's mining investment portfolio is shrinking, in part because projects that were in the pipeline have been completed but also because they are not being replaced with new ones as companies wait for greater political and economic stability as well as clarity about the new legal framework that has been six years in the works.
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