Brazil Stock Guide — Canada is stepping up engagement with Brazil’s mining sector, placing the country among its five priority markets in Latin America and the Caribbean as Brasília prepares a new policy framework for critical and strategic minerals.
Officials from Brazil’s National Mining Agency, known as ANM, Natural Resources Canada and the Canadian Embassy met in Brasília this week to discuss critical minerals, regulation and potential areas of cooperation.
Brazil is one of Canada’s five priority countries for mining in the region, alongside Chile, Peru, Mexico and Argentina, Tomas Lopez Cabanillas, Natural Resources Canada’s deputy director for Latin America and mining export promotion, said during the meeting.
The talks come as legislation establishing Brazil’s National Policy for Critical and Strategic Minerals awaits presidential approval. The bill was approved by the Senate on Sept. 2 and sent to President Luiz Inácio Lula da Silva for sanction on Sept. 4. The deadline for presidential approval or veto is Sept. 25.
Canadian officials sought information from ANM about how the proposed policy could affect the regulator’s responsibilities and mining rules.
The legislation would establish a national policy covering the exploration, mining, processing and industrialization of critical minerals and create a council linked to the presidency to coordinate the strategy.
Brazil has sought to attract investment into minerals used in batteries, renewable energy, advanced technology and other strategic industries while increasing the amount of processing carried out domestically rather than remaining primarily an exporter of raw materials.
Brazil and Canada are also negotiating a memorandum of understanding on mining between Brazil’s Mines and Energy Ministry and the Canadian government. The agreement has not yet been signed, although the two countries have already held joint technical and training initiatives this year. The talks also covered Canada’s experience with mining projects involving Indigenous communities.
Canadian officials said there are about 500 economic benefit agreements between private mining companies and Indigenous communities in Canada. ANM Director-General Mauro Sousa expressed interest in Canada’s models for consultation and benefit sharing.
The two sides also discussed regulatory practices, geological information, innovation and technical cooperation, including Canada’s experience with mining-title systems in Quebec.
No specific investment, financing or mining project was announced following the meeting. The next step will be whether the growing government-level engagement translates into Canadian investment in Brazilian mining and processing projects as Brazil develops its critical-minerals strategy.
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