New Brazilian mining code approved

Some very good news for AVB and hats off to Director Luis Azevedo who, as many would know, was heavily involved in getting the new mining laws up before parliament in Brazil.  now implemented.

News overnight is that the long awaited new Brazilian Mining Code has been approved and will become law by December. As flagged by Luis at the AGM, all as expected.

Key highlights:

Copper royalties remain UNCHANGED at 2%

Gold royalties increase from 1% to 2%

Iron Ore Royalties increase from 2% to 4%

The new laws will increase the limit on the stake that foreign companies can have in mining ventures in Brazil, currently set at 40%

As part of the new code and creation of a new mining 'investment friendly' reg body to replace the DNPM, mining licence application wait times will be shortened in an effort to spur new investment and boost the Brazilian economy