The National Mining Agency (ANM), Brazil’s mining and iron ore regulator, raised BRL 10.3 billion ($1.86 billion) through the Mineral Resources Financial Compensation (CFEM) tax, also known as the “mining royalty” tax.
ANM said the figure represents a record revenue. The mining royalty tax in 2021 rose 68.9 percent, year-over-year, due to higher iron ore selling volumes and prices, as well as by the appreciation of the USD over the BRL. ANM’s total revenues, including the CFEM tax, totaled BRL 10.6 billion ($1.91 billion).
Minas Gerais, Brazil’s biggest and key iron ore state producing iron ore, accounted alone for BRL 4.6 billion ($831.9 million) the total CFEM tax ANM got from miners and iron ore producers.