"Brazil unveiled today, a bill to reform the country's mining code, proposing tthe increase of new royalties of up to 4%, double the current rate.
President Dilma Rousseff said royalties would be calculated on gross income rather than net earnings.
The bill also proposes creating a new mine regulatory agency, rules requiring holders of mining rights to develop their claims or lose them, and an auction system for some mining rights with concessions of 40 years, renewable for 20.
Rousseff, in a televised announcement, said the government wants mining companies to have contractual stability and security, and for concession renewals to be contingent on meeting investment and environmental goals.
The bill suggests royalty divisions between local and federal government be maintained, with 65 percent for municipalities affected by mining, 23 percent for producing states and 12 percent for the federal government".
President Dilma Rousseff said royalties would be calculated on gross income rather than net earnings.
The bill also proposes creating a new mine regulatory agency, rules requiring holders of mining rights to develop their claims or lose them, and an auction system for some mining rights with concessions of 40 years, renewable for 20.
Rousseff, in a televised announcement, said the government wants mining companies to have contractual stability and security, and for concession renewals to be contingent on meeting investment and environmental goals.
The bill suggests royalty divisions between local and federal government be maintained, with 65 percent for municipalities affected by mining, 23 percent for producing states and 12 percent for the federal government".
