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Brazil's Mining Framework Increases Diamond Mining Royalties

May 22, 2013 3:56 PM   By Jeff Miller
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RAPAPORT... Brazil is expected to enact a new mining regulatory framework in June, according to the O Estado de S. Paulo newspaper. The proposed legislation changes royalty payment calculations (known as CFEM tax) from net sales to  one that is charged against gross sales. The revision would realize CFEM revenue of about $2 billion, up from about $900 million collected in 2012. Royalties from diamond mining operations would increase to 1 percent from the present level of 0.2 percent, according to the newspaper. Additionally, the framework is expected to streamline how mining concessions are granted and it would create a governing body to oversee and regulate the mining sector.
Tags: brazil, Jeff Miller, mining
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