Mines over matter: Are Brazil’s mining regulations up to scratch?
LACCA speaks to Brazilian in-house lawyers to find out whether last year’s new mining regulations really have increased transparency and improved Brazil’s mining sector and takes a look at what changes can be expected under the country’s new administration.
Given Brazil’s government is keen to ensure its mining sector remains open to development and attractive to investors, the new regulations also align Brazilian resource and reserve reporting standards with international ones, which is expected to help local mining companies obtain international financing more easily, which banks and other lenders are set to favour. “The new regulations harmonise the Brazilian principles and definition of resources and reserves with internationally accepted practices,” says Veirano Advogados partner Pedro Garcia.
Striking the right balance, however, between precautionary measures and allowing a liberal market might be hard to find. “Safety remains as the top value, but sustainable development is also important,” says Veirano’s Garcia. “I appreciate the urgency and sensitivity of the issue of tailings damns being discussed at present, in light of the disasters that have taken place, but any new rules should not have an unnecessarily negative effect on other operations in Brazil.”
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