Brazil changes mining laws in offer to goad speculation
BRASILA (Scrap Register): Brazil has introduced some changes in mining regulations, which includes assuring property rights for research and providing incentives for credit, on the off chance that took after to the letter, will fortify interest in Brazilian mining industry.
The declaration guarantees the privilege to a property for research and starts to provide an owner with the continuity to convert found resources into mineral reserves after the presentation of a final report, previously, there was an obligation to postpone activity until the report was analyzed.
Mining can now also be used as a credit guarantee. The objective is to generate credit lines and stimulate investments.
Late last year, the ministry changed the mining tax CFEM on iron ore companies from 2% over net revenue to 3% over gross revenue. Over January-May, the CFEM levy totaled Real 1.06 billion ($285.5 million), up 39.4% from Real 763.576 million in the same period a year earlier.