Brazilian mining legislation expected to be changed
According to recent news in the market, Brazilian mining legislation is expected to be changed at the beginning of 2005.
Moreover, sources report that Anglo-Australian mining company
Rio Tinto is waiting for the new legislation before starting its
iron ore project in
Brazil. The project worth $1 billion aims at increasing
iron ore capacity by ten-fold within five years.
According to the sources,
Brazil is expected to ban on mining by foreign companies, however the details of the new legislation has not been disclosed yet.