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TEHRAN, Mar 16 - Brasilia is set to give foreign investors greater leeway in the mining sector.
TEHRAN, Young Journalists Club (YJC) - The Brazilian government is planning a sweeping reform of mining legislation, clearing the way for foreign companies to invest in prospecting and the mining of uranium in the country, which has 5 percent of the world's uranium reserves.
Brazil's minister of mines and energy, ex-Navy admiral Bento Albuquerque, told Reutersthat Jair Bolsonaro's government already has a bill in place, but is going to negotiate the final version in the National Congress.
"We have to resolve internally the issue of uranium exploration that today is a monopoly of the state and is in the hands of Industrias Nucleares do Brasil," Albuquerque said.
Set up in 1988, Industrias Nucleares do Brasil (Nuclear Industries of Brazil) is a state-controlled company that has a monopoly on uranium extraction. Today only state-owned nuclear companies are allowed to invest in the uranium sector.
Source: Sputnik News
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