Brazil

Elevated Risk

Brazil · Country · Last assessed Apr 2026

Composite Score 14/25

Higher = lower risk. 22–25 LOW · 18–21 MODERATE · 13–17 ELEVATED · 8–12 HIGH · 5–7 EXTREME.

Permitting Timeline & Predictability

3/5

ANM and IBAMA processes capable but slow; tailings rules tightened post-Brumadinho.

Fiscal Regime Stability

3/5

CFEM royalty stable; broader tax reform under way.

Political & Security Risk

3/5

Stable democracy; Lula government less mining-friendly than Bolsonaro era.

Infrastructure & Power

3/5

Strong in iron-ore corridors; weaker in Amazon and inland districts.

Indigenous, Community & ESG

2/5

Indigenous land prohibitions extensive; FUNAI processes can block projects.

Assessment Summary

Brazil is a major iron ore, gold, copper, and base-metal producer with established mining infrastructure in Minas Gerais, Pará, and Goiás. The post-Brumadinho regulatory tightening around tailings storage facilities has materially raised the bar for new development.

Indigenous land issues are the single largest jurisdiction-specific risk for Brazilian mining. The constitutional protections and FUNAI consultation requirements over Indigenous reserves are extensive and have blocked or stalled significant projects in the Amazon. The Lula government's stance has been less accommodating than Bolsonaro's was.

Jurisdiction risk is one input — geology, capital structure, and management still matter. See the Verdict Framework for full company scorecards.