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    Brazil delays critical minerals areas auction: project pipeline risks for mine planners

    December 19, 2025|

    Reviewed by Joe Ashwell

    Brazil delays critical minerals areas auction: project pipeline risks for mine planners

    First reported on MINING.com

    30 Second Briefing

    Brazil has indefinitely postponed a planned March 2026 auction of mineral exploration areas rich in critical minerals after the National Mining Agency (ANM) said it lacks funds to cover embedded auction costs. The tender was to be the first mining round run jointly with B3, the São Paulo stock exchange operator, using a bidding model already applied in power and oil and gas, and would have addressed a backlog of roughly 100,000 areas awaiting auction. The delay jars with Brazil’s push to market its 94% share of global niobium reserves and significant graphite, nickel, lithium and rare earth potential.

    Technical Brief

    • Brazil’s rare earth oxide output has fallen from 2,200 t in 2016 to ~20 t in 2024.
    • Analysts link the rare earth decline to China’s dominant production capacity and associated price suppression.
    • Brazil holds ~22% of global graphite, 16% of nickel and 17% of rare earth reserves.
    • Around 100,000 mineral areas remain pending auction at ANM, according to mining lawyer Adriano Drummond Trindade.
    • Previous mining auctions run by the Geological Survey of Brazil and ANM were criticised for delays and technical issues linked to staff shortages.

    Our Take

    Brazil’s very high reserve shares in niobium, graphite, nickel and rare earth elements, contrasted with the tiny 20 t rare-earth oxide output in 2024, signal that permitting and auction bottlenecks rather than geology are the binding constraint for critical minerals project pipelines in Latin America.

    In our Policy coverage, Brazil’s critical minerals stance now sits alongside work on lithium governance models in Chile, Argentina, Brazil, Bolivia and Mexico (Jeonbuk National University study, December 2025), suggesting investors will increasingly benchmark Brazilian auction and licensing stability against more state-led frameworks in the Southern Cone.

    For operators like Horizonte Minerals and Zonda Metals, delays to ANM/B3 auction processes effectively extend pre-development timelines toward at least March 2026, which can complicate financing for assets such as Araguaia and San Jorge that are already exposed to nickel and copper price cyclicality.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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