Make Kitco Your Homepage

Brazil launches new mining regulator in twilight of Temer gov't

Kitco News

BRASILIA, Dec 5 (Reuters) - Brazil launched on Wednesday a new mining regulator aimed at cleaning up its slow permitting process, in an 11th-hour victory for outgoing President Michel Temer's reform agenda.

The National Mining Agency (ANM) will replace the previous National Department of Mineral Production (DNPM). The agency boasts greater autonomy and funding that the government says will bring efficiency to a slow process of mining licenses.

A decree reinterpreting Brazil's 1967 mining code also enters into force with the agency's launch.

That change is set to open up roughly 20,000 exploration areas where permit applications have stalled or been abandoned to be auctioned off again, equating to 10 percent of areas in Brazil with permits pending. Temer's administration pushed through the promised mining reforms after a months-long stalemate in the Senate over nominations for the new mining agency's directors. Senators had complained that the directors did not represent Brazil's most important mining regions, with Temer ultimately swapping out two of his nominees for other names.

The impasse ended last week with the Senate approving the final nominee, just ahead of Temer stepping down on Jan. 1.

(Reporting by Jake Spring; Editing by Toby Chopra)

Messaging: / Twitter:
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.