Brazil to raise revenue from mining royalties by 80% to attract investment
Brasilia — On Tuesday, Brazil unveiled plans to raise revenue from mining royalties by 80%, the latest measure to shore up government finances, and cut red tape in an attempt to attract more foreign investment amid a weak economic recovery. President Michel Temer, at the policy launch in the presidential palace, said that this fit into his broader plans to modernise regulation across sectors to draw investment and boost the economy. "We are just scratching the surface here," mining minister Fernando Coelho Filho said, touting Brazil’s potential to grow as a mining powerhouse if the government reduces red tape. "These measures will be fundamental to speed up the growth of the Brazilian economy," he added, defending changes to outdated royalties and clearer rules for mining investors. While some in the sector voiced support, mining industry body IBRAM, which counts Brazil’s largest miner Vale as a member, criticised the policy, saying there was no way to cut costs enough to offset the...
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