Brazilian president approves new iron ore royalty rate at 3.5% amid criticism

Brazilian president Michel Temer has approved a controversial bill to raise royalties on iron ore to 3.5% from a previous maximum of 2% despite criticism from the mining sector.

The increased royalties are to be applied retroactively from November 1, 2017, according to a decree published by the federal government in Brazil’s official gazette on Tuesday December 19.

In late November, after the Brazilian Congress approved the bill to raise mining taxes, Brazilian miner Vale said that the higher, fixed royalties...

Published

Ana Paula Camargo

December 19, 2017

22:22 GMT

São Paulo