BRAZIL Law and Practice Contributed by: Roberta Bilotti Demange and Marina Bertucci Ferreira, Pinheiro Neto Advogados
1. Mining Law: General Framework 1.1 Main Features of the Mining Industry The mining sector plays an important role in the Bra - zilian economy. According to data disclosed by the Brazilian Mining Association (IBRAM), in the third quarter of 2025 the mineral sector revenue increased by 34% compared to the same period in 2024. During this period, the Brazilian mining sector exported 121 million tonnes, accounting for USD12.2 billion. This represented a 6.2% increase in volume in relation to the previous year, and 9% in value. Iron ore was the most exported mineral substance (65%), followed by gold (14.3%) and copper (11.2%). ANM Initiatives The administrative model introduced in 2018 with the creation of the National Mining Agency (ANM) is being consistently developed, with the aim of increasing transparency and legal certainty in the mining sector. The ANM has repeatedly organised public consulta - tions to discuss regulatory changes with the mining sector and allowed participation of interested parties in meetings of its board of directors. Since its crea - tion, the ANM has also put in place and updated the regulatory framework for matters such as (i) reporting of resources and reserves according to international standards, (ii) tailings dams safety, (iii) liens on mineral rights, (iv) administrative sanctions, (v) aerial survey, (vi) reprocessing of waste and tailings, (vii) mine clo - sure, and (viii) prevention of money laundering and ter - rorism financing related to transactions with precious metals and gemstones. The regulations enacted over the past years indicate the development of the admin - istrative model towards the best regulatory practices. During 2025, the ANM received contributions from the sector on topics such as financial guarantees for mining activities and updates to the regulatory frame - work governing the encumbrance of mineral rights, as well as the revision of the Brazilian Mining Regula - tory Standards ( Normas Reguladoras de Mineração ), which set out the core technical and operational rules applicable to mining activities in Brazil. The ANM is currently reviewing the contributions received, and revised regulations are expected to be issued in the near term as part of its broader regulatory modernisa - tion agenda.
Public Offer of Areas The public offer procedure applies to areas that were previously subject to exploration or exploitation rights that for some reason have expired or been terminat - ed. As a consequence, some geological knowledge regarding such areas presumably exists. The public offer procedure does not extend to areas deemed as free, which will remain subject to the first-come, first- served system. The regulations establish a two-stage process: first, bidders should formalise their interest in an area or block of areas; then, an auction is held among them (if more than one) for the highest offered value. At the second stage of public tenders, neither the identities and number of bidders nor the bid offers are disclosed until the area is awarded. In practical terms, bidders do not know with whom they are competing (speculators, junior exploration companies, local min - ing companies, global major producers, to name a few) and, hence, how the market is pricing each area. The entire process is online, through an electronic system put in place by the ANM exclusively for the purpose of public offers. The regulations regarding public offers were an impor - tant step forward towards the generation of new projects and investment opportunities in the mining industry. The tenders concluded thus far have been extremely successful for both the regulator and the industry, generating seven times more applications than under the previous procedure, in equivalent time - frames. Exploration and mining companies have welcomed the opportunity to secure title to explore or mine areas of interest that had been unavailable for years. Com - panies established in Brazil are lobbying the ANM to add other areas of interest to coming tender rounds, while foreign prospective investors are reviewing the government’s portfolio of 70,000-plus areas that are ready for tender, seeking opportunities to enter Brazil. An auction round was originally scheduled for early 2026, marking the first such process to be conduct - ed with the operational support of the Brazilian Stock
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