Mongabay · Natuur

Brazil's Senate Approves Rare Earth Minerals Regulation

Brazil's Senate has passed a bill to regulate the exploration of critical minerals, including rare earths, a move that could unlock the country's significant reserves. The legislation now awaits President Lula's signature.

The bill establishes a legal framework and provides tax incentives for domestic processing of these vital resources. Brazil possesses the world's second-largest reserves of rare earth elements, which are crucial components in modern technologies such as smartphones and electric vehicles.

With China currently dominating the global supply chain for rare earths, Brazil aims to emerge as a competitive alternative. The legislation also introduces a fund to support mining projects and promotes the processing of minerals within Brazil.

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