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February 22, 2010

Brazil May Start Export Tax on Iron Ore

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It is said from Energy and Mining Minister Edison Lobao that Brazil may start taxing iron-ore exports in a bid to encourage steelmakers to invest to boost domestic output.

“We are thinking about imposing an export tax on iron ore and remove taxes on finished” and value-added goods such as steel and steel plates, Lobao said today in an interview at his office in Brasilia. “The Finance Ministry would have to agree on it.”

The Finance Ministry didn’t immediately return calls seeking comment.

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