Brazil Senate Approves Rare Earths Regulation to Boost Mining

Brazil’s Senate has approved a bill to regulate the exploration of critical minerals, including rare earths, marking a step toward exploiting its vast reserves. The bill approved Thursday now awaits President Lula’s signature. It establishes a legal framework and offers tax incentives for domestic processing. Brazil holds the world’s second-largest reserves of rare earth elements, used in products like smartphones and electric vehicles. While China dominates the global supply chain, Brazil aims to position itself as an alternative. The bill also creates a fund to support mining projects and encourages mineral processing within the country.