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Will Temer’s Decree Boost Brazil’s Mining Industry?

Por: Latin America AdvisorImprimirVisualizar em PDF

President Michel Temer on June 12 signed a decree overhauling the country's half-century-old mining code, effectively bypassing Congress after it failed to approve similar changes last year. The new rules direct a share of royalties to municipalities that do not have mines but are affected by the transport or presence of industrial facilities related to mining. It also allows mining licenses to be used as guarantees for loans, generating credit lines and drawing investment to the sector, among other changes. To what extent will the changes benefit Brazil's economy and its mining sector? What stakeholders stand to gain or lose the most, and what is missing from the code that should be there? What kept Brazil's Congress from making changes to the mining code?

[...] Carlos Vilhena, head of mining and government relations at Pinheiro Neto Advogados: "The decrees enacted on June 12 do not bypass Congress. One regulates the payment of royalties to municipalities that have no mining activity but are affected by mining infrastructure. This regulation was a requirement due to changes to the Royalties Act made last December. [...]

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