Brazil’s government plans to rework parts of the country’s new mining code currently stalled in Congress, the new Mines and Energy Minister Eduardo Braga said on Thursday.
“All this delay in voting the bill gives us more time to rework some parts of the mining code in light of the new international background,” Braga told reporters before the presidential inauguration without giving any details.
Mining is a vital part of Brazil’s economy, accounting for about a third of exports. In recent years, Brazil’s giant miner Vale and foreign peers have struggled with falling iron ore prices as China’s economy slows down.
The saga over the new mining code, a flagship policy of President Dilma Rousseff first announced in 2009, has meant miners have had projects delayed, others have rushed to lock in current terms, and some have avoided the country altogether.
Braga, who replaced Senator Edison Lobao in a cabinet reshuffle at the start of Rousseff’s second term, also said Brazil needs to reduce its dependence on costly thermal plants to make room for lower electricity prices.