Dow Jones reported that Brazil's Mining Institute Ibram, which groups the country's mining companies, said that no accord has yet been reached on the texts of the country's new mining sector bills, despite widespread reports that the final texts are close to be sent to congress for consideration.
Mr Paulo Camillo president of Ibram said in a statement posted on Ibram's website that “There are still points that the government and the mining sector haven't agreed on yet. Federal government authorities have guaranteed that before the government sends the final texts to parliament, it will again allow producing companies to have the opportunity to look over the texts and, possibly, contribute to their wording.”
Ibram said that there are three distinct bills under consideration. One will establish which royalties will be charged in the sector, another will deal with regulations governing mine deposits and concessions, and a third will set up a new regulatory agency to replace the DNPM.
According to Ibram “It is still unclear when the texts will be ready to send to congress for approval as mining companies still wish to be consulted on the matter, which has so far been under discussion in government ministries.”
Brazilian newspapers including Estado de Sao Paulo, Folha de S.Paulo and Valor Economico have over the past few days carried reports indicating that the final texts of the bills to be sent to congress for approval propose doubling royalties on iron ore sales, taxing export products including iron ore, bauxite and niobium more heavily than mineral products that are processed in Brazil and that mineral deposits may be put up for auction rather than their concessions being approved by state owned mining department DNPM.
(Sourced from Dow Jones Newswires)