On September 2, 2026, the Federal Senate approved Bill No. 2,780/2024, which establishes the National Policy on Critical and Strategic Minerals (PNMCE). The text had already passed the Chamber of Deputies in May, and now goes to the President of the Republic for sanction or veto.
The new policy creates the National Council for the Industrialization of Critical and Strategic Minerals (CIMCE), reporting directly to the Presidency of the Republic. Among other responsibilities, the council will define and update, every four years, the list of substances considered critical or strategic for the country, approve priority projects, and approve significant transactions involving companies in the sector, such as changes in corporate control and deals involving foreign participation.
The text also brings a series of incentive instruments: a guarantee fund for project financing, a tax credit for mineral beneficiation and transformation, a low-carbon certificate, new rules for auctions of mining areas, and a mandatory minimum investment in research and development by companies in the sector.
The legislative process, however, sparked an immediate reaction. The Brazilian Mineral Exploration Association (ABPM) published a position statement on the same day the bill was approved, acknowledging the strategic relevance of a national policy for critical minerals, but expressing discomfort with how the legislative process was conducted in the Senate, particularly regarding the power granted to CIMCE over corporate transactions in the sector.
We understand that the geopolitical landscape calls for a clear stance on Brazil’s interests amid the growing demand for critical minerals, but a law of this scale needed more dialogue and greater participation from those it affects. What we saw instead was a legislative process with little to no room for dialogue with those truly affected: small and mid-sized mining companies.
It is worth noting that most of the exploration work identifying and reporting critical and strategic mineral targets in Brazil, largely rare earths, is being carried out by junior companies. The partnership between these companies and thousands of Brazilian professionals is behind the recent discoveries (lithium, rare earths, tungsten, gallium, and others). Failing to engage this group is neither consistent nor smart.
The first phase of this regulatory landscape is essentially set. The bill now goes to President Lula for sanction, with little chance of a veto. We hope common sense and dialogue guide the drafting of the PNMCE’s implementing regulation.
In the coming weeks, we will take a closer look at the specific points of the law that triggered this reaction: the real scope of CIMCE’s approval power, the council’s composition, and what was left out of the amendments presented during the Senate’s review.
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