Brazil National Mining Plan 2050

Research evidence excerpt

Brazil National Mining Plan 2050

Update

July 13, 2026 03:59 AM GMT

Morgan Stanley & Co. LLCMLatin America Metals & Mining | Latin America Carlos De Alba

Equity Analyst

Brazil National Mining Plan Carlos.De.Alba@morganstanley.comJustin A Ferrer +1 212 761-4927

Research Associate

Justin.Ferrer@morganstanley.com +1 212 761-5246

2050 Morgan Stanley C.T.V.M. S.A.+

Henrique Braga

Key Takeaways ResearchHenrique.Braga@morganstanley.comAssociate +55 11 3048-6198

The plan is a roadmap, not a stimulus, aiming for mining's share of GDP of 4.5%

Latin America Metals & Mining

by 2050; execution hinges on the first 5-yr action plan. Latin America

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No royalty-rate increase as the focus is on transparency/local development, not

hikes.

Targets incremental geological surveying/mapping as a catalyst to unlock

exploration, critical minerals and M&A optionality.

Lifts annual exploration investment to R$2.7bn by 2050, from R$1.5bn in 2024,

and shortens permitting time.

Shifts toward diversification/value-add and favors critical minerals, fertilizers,

beneficiation & downstream processing over iron ore, though still important.

The National Mining Plan 2050, released by the Brazilian Ministry of Mines and

Energy, is a long-term strategic framework for the mining sector through 2050. The

plan (PNM 2050) is less an immediate policy package/stimulus and more a roadmap

to increase geological knowledge, expand exploration, reduce regulatory

bottlenecks, support critical minerals, increase domestic value-add, and strengthen

ESG governance.

Importantly, the plan does not signal an imminent mining royalty-rate increase

(CFEM). It rather emphasizes clearer disclosures, stronger municipal involvement,

development-oriented spending, measurable local outcomes and public oversight of