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Nacional de Política Mineral) to advise the President on the creation and implementation of a miningpolicy. In addition, regulation and supervision activities, which are currently carried out by the DNPM,will be transferred to a Regulatory Agency.The new regulatory framework is expected to introduce bidding procedures for the acquisition ofmining rights through the public offering of areas. The bidding procedures will replace the current“availability of areas" procedure. In addition, the new regulatory framework will create special miningareas considered strategic for the country.Another innovation is the setting of a period of 30 years – with the possibility of extension forsuccessive periods of 15 years – for extraction as well as the extension of the exploration permit to 6years.Finally, the new regulatory framework is expected to establish a minimum investment in the areasubject to exploration. Also under discussion is the creation of a special participation – similar to theone due in the oil and gas industry – payable to the cities in case of highly productive mineraldeposits.The mining regulatory framework is still being analyzed by the National Congress.23. 10. OpportunitiesBrazil has some of the world's largest mineral deposits and exports high quality mineral resources.Therefore, the Brazilian mineral production occupies a privileged position in relation to the rest of theworld in regard to many types of minerals.In the last few years, the Brazilian mining industry experienced significant growth due to major social,economic and infrastructure changes in the country. As a result of the urbanization process andincreasing strength of global economies, the Brazilian mineral production is expected to continuegrowing from 2% to 5% during the next 2 years. 6Moreover, the Brazilian Mining Association (Instituto Brasileiro de Mineração - IBRAM) expectssignificant investments in the mining sector in the next 5 years. From 2012 to 2016, investments ofapproximately US$ 75 billion are expected, which would be a new record in the mining industry. 7Even though Brazil's mining potential is high, it is still under-explored. According to IBRAM, less than30% of the Brazilian territory has been subject to geological surveys on an adequate scale for thisactivity. Therefore, a lot of opportunities are open for mining companies interested in investing in thissector. 86 www.ibram.org.br7 www.ibram.org.br8 www.ibram.org.br120