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Anglo American Plc\u2019s top executive in Brazil says the nation should avoid picking sides in the global race for critical minerals and seek to supply nations across geopolitical blocs.<\/p>\n
\u201cWe have to negotiate with everyone. There\u2019s no reason for us to choose a side,\u201d Ana Sanches said in an interview Monday, a day after leftist President Luiz In\u00e1cio Lula da Silva won reelection as the head of Latin America\u2019s largest economy.<\/p>\n
Brazil holds one of the world\u2019s largest reserves of rare earths \u2014 used in everything from electric vehicles and wind turbines to drones \u2014 second only to China. As the South American country seeks to capitalize on its vast mineral resources, Lula will be challenged to balance ties with China, its biggest trading partner, and the US, which is seeking alternative supplies of critical minerals to reduce its reliance on Beijing.<\/p>\n
Sanches urged Brazil to move quickly to set clear rules for its new critical-minerals policy to give mining companies greater predictability over their investments. September\u2019s\u00a0policy overhaul\u00a0will give a government council special powers to approve mining deals and supply agreements while offering incentives for domestic processing, but it\u2019s yet to be enforced.<\/p>\n
\u201cThe government has to play its role. I don\u2019t see anything wrong with that,\u201d said Sanches, who is also president of the board of the Brazilian Mining Institute, or Ibram. \u201cWe just need clarity on what that means and how it will be implemented.\u201d<\/p>\n
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That means setting clear criteria and deadlines for carrying out the new framework, she said. Fighting illegal mining, expanding geological mapping, and making permitting more predictable are also key for the sector, which \u201chas to move forward regardless of which government is elected.\u201d<\/p>\n
Critical ore<\/p>\n
Brazil, as a major global producer, should treat high-grade iron ore as a critical mineral, she said. Scarce premium grades will play an increasingly important role in decarbonizing steel production.<\/p>\n
While Anglo\u2019s planned merger with Teck Resources Ltd. is set to create a new copper mining\u00a0colossus, Sanches said Brazilian operations will stay focused on premium iron ore. Anglo also recently sold its nickel operations in Brazil to China\u2019s MMG Ltd. and the two companies are\u00a0seeking\u00a0to avoid a potential European Union veto of the planned $500 million deal.<\/p>\n
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Anglo\u2019s business in Brazil is now concentrated at Minas-Rio, which includes a fully integrated iron ore operation, a mine in Minas Gerais State, a processing plant, a slurry pipeline and a port in Rio de Janeiro. The mining project has high-grade ore with about 67% iron content.<\/p>\n
Besides Anglo, the country is home to Vale SA, the world\u2019s top iron ore producer. Vale bought a 15% stake in Minas-Rio, and both Vale and Anglo are\u00a0looking\u00a0to integrate Vale\u2019s contiguous Serpentina project. An investment decision is expected after feasibility studies, which are still ongoing, she said.<\/p>\n
While Minas-Rio\u2019s third-quarter realized prices fell 12% year-over-year on\u00a0higher freight costs, Sanches said Anglo isn\u2019t planning to cut production and expects shipping rates to retreat. War-related disruptions have prompted the company to redirect cargoes bound for Bahrain Steel to markets including Asia, North Africa, Europe and Japan, Sanches said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Anglos #Sanches #Brazil #negotiate<\/p>\n","protected":false},"excerpt":{"rendered":"
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