Brazil mining bill could double royalty to 4 pct

Tue Jun 18, 2013 11:03am EDT
 
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RIO DE JANEIRO, June 18 (Reuters) - Brazil unveiled a long-awaited bill to reform the country's 46-year-old mining code on Tuesday, proposing new royalties of up to 4 percent, double the current rate, and a new mine regulatory agency.

Mines and Energy Minister Edison Lobão said in a televised announcement the bill would propose an auction system for some mining rights with concessions of 40 years, renewable for 20.