UPDATE 2-Brazil lower house okays higher mining royalties, new regulator [Reuters]
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Source: Reuters
UPDATE 2-Brazil lower house okays higher mining royalties, new regulator | Reuters Reuters Staff 3 Min Read (Adds approval of new mining regulator) By Jake Spring BRASILIA, Nov 22 (Reuters) - Brazil’s lower house of Congress on Wednesday passed a bill that would boost royalty rates on iron ore by 75 percent - instead of doubling the rates as had been proposed - and later voted to approve the creation of a new mining regulator. Under the revised plan, gold mining royalties would rise 50 percent, but potassium mining royalties would be slashed. The full Congress now faces a deadline of Nov. 28 to pass President Michel Temer’s planned overhaul of mining policies. In a vote after midnight, the lower house amended the bill that had been proposed in committee for iron ore, gold and fertilizer components. Iron ore royalties would rise to 3.5 percent from the current 2 percent, instead of doubling to 4 percent. The lower house maintained a provision that the royalties would be calculated off
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