{"id":97716,"date":"2026-03-01T23:20:17","date_gmt":"2026-03-02T02:20:17","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97716"},"modified":"2026-03-01T23:21:35","modified_gmt":"2026-03-02T02:21:35","slug":"97716","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/97716\/","title":{"rendered":"NEWSLETTER February 2026"},"content":{"rendered":"

NEWSLETTER<\/strong><\/p>\n

February 2026<\/strong><\/p>\n

 <\/p>\n

02\/05\/2026<\/p>\n

 <\/p>\n

CABO VERDE MINERA\u00c7\u00c3O FINDS NEW RARE EARTHS AREA IN MINAS GERAIS<\/u><\/strong><\/p>\n

Company seeks international partners to fund processing complex<\/em><\/strong><\/p>\n

 <\/p>\n

Cabo Verde Minera\u00e7\u00e3o, a Brazilian company based in Belo Horizonte, has identified a new target area for rare earth extraction. The site, known as Alvo Botelhos, lies on the edge of the Po\u00e7os de Caldas Alkaline Complex in southern Minas Gerais and has potential resources exceeding 500 million tonnes of ionic clays.<\/p>\n

 <\/p>\n

The company is in talks with international groups to finance the construction of an industrial complex to process the rare earth elements.<\/p>\n

 <\/p>\n

\u201cThe scale of the project, with more than 91,000 hectares across 57 mining rights, along with the results we have so far, point to the potential for a world-class project,\u201d said T\u00falio Rivad\u00e1via Amaral, CEO of Cabo Verde Minera\u00e7\u00e3o.<\/p>\n

 <\/p>\n

Ionic clay is a type of clay that contains rare earth ions and is used in energy transition technologies, wind power generation, high-efficiency motors, electric vehicle batteries, advanced electronics, and other applications. In the Alvo Botelhos area, tests indicated the presence of high-value magnetic elements such as neodymium, praseodymium, dysprosium, and terbium, according to Rivad\u00e1via.<\/p>\n

 <\/p>\n

Exploration at Alvo Botelhos is being conducted alongside drilling at Alvo Caconde 1, located in the same Po\u00e7os de Caldas complex, where the company initially pursued an iron ore project.<\/p>\n

 <\/p>\n

The targets lie within a block of approximately 91,000 hectares covering four municipalities in Minas Gerais\u2014Muzambinho, Cabo Verde, Campestre, and Botelhos\u2014as well as Caconde in S\u00e3o Paulo state. Rivad\u00e1via said the mining company holds 57 mineral rights for exploration in the region.<\/p>\n

 <\/p>\n

Among the technical results from priority targets are intervals of 16 meters with average grades of 2,245 parts per million of total rare earth oxides (TREO), including readings of 4,302 ppm TREO and 854 ppm magnetic rare earth oxides (MREO).<\/p>\n

 <\/p>\n

\u201cAnomalies are distributed across all four quadrants of the surveyed areas, with results reaching as high as 14,000 ppm and significant recurrence in the 3,000-ppm range,\u201d said Oscar Yokoi, a geologist and technical consultant and a member of the Australian Institute of Geoscientists.<\/p>\n

 <\/p>\n

SGS Geosol conducted metallurgical leaching tests, which showed TREO recoveries of up to 81.7% and MREO recoveries above 60%, indicating technical and economic feasibility for mining. Samples were analyzed and certified by ALS Brasil and SGS Geosol laboratories.<\/p>\n

 <\/p>\n

Rivad\u00e1via told Valor that the project began as an iron mining venture in 2020, but during studies a hydrothermal alteration\u2014a volcanic fissure\u2014was identified, suggesting the presence of rare earths. The company then decided to focus on further exploration.<\/p>\n

 <\/p>\n

Research began in 2022. The first discovery was at the Caconde target, in the municipality of the same name, and the second was made now. \u201cAt Alvo Caconde, we identified a potential of 100 million tonnes of rare earths at 3,200 ppm. That alone could supply a plant for 20 years with output of 5 million tonnes per year. With Botelhos, the expectation is at least 500 million tonnes,\u201d Rivad\u00e1via said.<\/p>\n

 <\/p>\n

An initial economic assessment at Alvo Botelhos indicated extraction potential of at least 500 million tonnes of rare earths. Drilling began last week.<\/p>\n

 <\/p>\n

Rivad\u00e1via said he is in talks with groups from the European Union, Canada, the United States and China to raise funding for the project, though the names of the groups remain confidential at this stage.<\/p>\n

 <\/p>\n

For the first phase, covering exploration and certification of the areas, Cabo Verde Minera\u00e7\u00e3o is investing about $10 million of its own funds.<\/p>\n

 <\/p>\n

The company is seeking financing to build the industrial complex, which is expected to require $370 million for a plant with capacity to process 5 million tonnes per year.<\/p>\n

 <\/p>\n

The initial plan is to install the plant in Cabo Verde, Minas Gerais, where the company already holds licenses to extract and process iron ore.<\/p>\n

 <\/p>\n

In parallel with the rare earth project, Cabo Verde Minera\u00e7\u00e3o resumed in December 2025 its iron ore mining project at the Catumbi Mine, located in Cabo Verde and Muzambinho, southern Minas Gerais. The project had been halted for two years while the company focused on rare earth exploration.<\/p>\n

 <\/p>\n

\u201cThe iron ore reserve is small, close to one million tonnes. We have a license to extract 600,000 tonnes per year. I estimate it will be a project lasting about two and a half years,\u201d Rivad\u00e1via said. The company plans to produce lump ore and sinter feed with an average iron content of 66%, aimed at the domestic market.<\/p>\n

 <\/p>\n

The rare earth project, however, is expected to take six to seven years to complete the industrial complex and obtain all licenses and certifications needed for production, according to the executive.<\/p>\n

 <\/p>\n

Rare earth mining differs from other types of extraction. The company uses ammonium sulfate, which exchanges ions with the clay to separate the rare earth elements. The clay is then returned to the environment enriched with ammonia, a type of fertilizer.<\/p>\n

 <\/p>\n

Much of the land involved is currently used for large-scale coffee plantations. \u201cOur intention is to partner with producers. We pay compensation for coffee trees removed during mining. Farmers also receive an exploration royalty equal to 0.5% of CFEM [Brazil\u2019s financial compensation for mineral resource exploitation],\u201d Rivad\u00e1via said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

02\/06\/2026<\/p>\n

 <\/p>\n

IMPORTS SLUMP 9.8% IN JANUARY AS BRAZIL\u2019S ECONOMY COOLS<\/u><\/strong><\/p>\n

Drop in intermediate goods and fuel imports tempers second-best January trade surplus on record<\/em><\/strong><\/p>\n

 <\/p>\n

Brazil\u2019s trade balance started 2026 with a $4.3 billion surplus, the second-best January result in the historical series, behind only the peak in 2024. However, both exports and, more sharply, imports fell compared to January 2025.<\/p>\n

 <\/p>\n

Government officials and analysts said the steep drop in imports reflects the expected economic slowdown, though the magnitude seen in January is unlikely to persist throughout the year.<\/p>\n

 <\/p>\n

Imports fell 9.8% in January, while exports declined 1%. As a result, even with the wider surplus (up from $2.3 billion in January 2025), overall trade volume shrank. Total trade reached $46 billion, down 5.1% from a year earlier, according to data released by the Foreign Trade Secretariat (Secex) at the Ministry of Development, Industry, Trade and Services (Mdic).<\/p>\n

 <\/p>\n

Herlon Brand\u00e3o, director of statistics and trade studies at Secex, noted that the volume of exports in January matched that of January 2025, a record year for shipments. On the import side, he said a slowdown is expected in 2026 due to \u201clikely weaker growth in domestic demand and the broader economy.\u201d<\/p>\n

 <\/p>\n

Brand\u00e3o said import declines are likely to recur this year, though not necessarily to the extent seen in January.<\/p>\n

 <\/p>\n

Jos\u00e9 Augusto de Castro, president of the Brazilian Foreign Trade Association (AEB), said the depth of the import drop was surprising, driven by a 15% fall in intermediate goods. This category accounts for roughly 60% of Brazil\u2019s total imports. Fuel imports also fell 21.5%, and capital goods slowed, with a modest increase of 1.1%, according to Secex.<\/p>\n

 <\/p>\n

Economist Lucas Barbosa of AZ Quest said the data are consistent with a slowdown in domestic demand. \u201cHigh interest rates have weighed on investment, and industrial output data has been weak, especially in more cyclical sectors,\u201d he said.<\/p>\n

 <\/p>\n

According to Brazil\u2019s national statistics agency IBGE, industrial production dropped 1.2% in December from November. From September to December 2025, output declined 1.9%.<\/p>\n

 <\/p>\n

A notable exception, Castro said, was consumer goods, whose import value rose 11.9% in January compared to the same month in 2025.<\/p>\n

 <\/p>\n

Chinese cars<\/p>\n

 <\/p>\n

Secex data show that this increase was largely due to Chinese car imports, which totaled $374.9 million in January, more than ten times the $31.7 million from January 2025. Excluding Chinese automobiles, Brazil\u2019s consumer goods imports rose just 1.5%.<\/p>\n

 <\/p>\n

Passenger cars stood out among January imports, totaling $564 million, more than double the $274 million a year earlier. About 65% of those vehicles came from China.<\/p>\n

 <\/p>\n

Barbosa of AZ Quest said the trade balance remains resilient and expects another strong year for Brazilian foreign trade, projecting a $75 billion surplus in 2026, up from $68.3 billion in 2025.<\/p>\n

 <\/p>\n

\u201cBrazilian exports continue to show strength not just in volume, but also in price,\u201d he said. Beef exports remain strong, with revenue up 42.5% in January from a year earlier. Prices rose 10.8%, amplifying a 28.6% increase in volume.<\/p>\n

 <\/p>\n

Gold exports also stood out, reaching $820 million in January, up from $404 million a year earlier. It was Brazil\u2019s ninth most exported product for the month, with prices up 75.8% and volume rising 15.4%.<\/p>\n

 <\/p>\n

Soy exports saw a significant increase of 91.7%, supported by a 9.2% gain in prices and a 75.5% surge in volume.<\/p>\n

 <\/p>\n

Not all commodities benefited from favorable prices. Oil and iron ore\u2014the country\u2019s top two export products\u2014fell by 7.8% and 8.6%, respectively. Oil declined in price, while iron ore saw drops in both price and volume.<\/p>\n

 <\/p>\n

Trade with key partners reflected recent global shifts. Economist Andr\u00e9 Val\u00e9rio of Inter noted that January continued the trends seen since the implementation of higher U.S. tariffs, with a 25.5% drop in exports to the United States.<\/p>\n

 <\/p>\n

Even so, Brazil\u2019s trade deficit with the U.S. was just $670 million in January, helped by a 10.9% fall in imports of American goods, a shift not seen in previous readings.<\/p>\n

 <\/p>\n

Exports to China jumped 17.4%, reflecting a gain in market share, especially in Brazilian agribusiness, which has taken advantage of a gap left by U.S. producers amid tensions between the two countries.<\/p>\n

 <\/p>\n

\u201cEven after the U.S.\u2013China agreement, in which China pledged to resume soybean purchases from the U.S., there has been no reduction in Chinese appetite for Brazilian soybeans. This suggests Brazil\u2019s market share gains could prove long-lasting,\u201d Val\u00e9rio said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

02\/06\/2026<\/p>\n

\u00a0<\/strong><\/p>\n

AUDIT COURT RULING ON REGULATORY AGENCIES RAISES FISCAL CHALLENGES<\/u><\/strong><\/p>\n

Technocrats warn it could make it difficult to comply with spending cap, as spending watchdog orders government to justify budget freezes and blocks interference in operating funds<\/em><\/strong><\/p>\n

 <\/p>\n

A decision by Brazil\u2019s Federal Court of Accounts (TCU) on Wednesday (4) tightening budget management rules for regulatory agencies was seen by government technicians as a measure that strips the executive branch of tools needed to comply with the fiscal framework, even as the Court itself demands strict adherence to those rules, sources told Valor.<\/p>\n

 <\/p>\n

In the assessment of these sources, the Court calls for rigidity while simultaneously reducing fiscal management instruments. Technicians note that the TCU has repeatedly said the fiscal framework must be applied rigorously, that budget freezes should target the midpoint of the fiscal target, and that the government must commit to ambitious fiscal goals. There are also rulings stating that even when a law exempts certain expenditures from the target, this can undermine the intertemporal sustainability of public debt, they said.<\/p>\n

 <\/p>\n

According to interlocutors, by removing expenditures from the pool subject to contingency and requiring detailed explanations for why certain requests are excluded from the budget \u2014 even when the exclusion is intended to comply with the fiscal framework \u2014 the TCU makes compliance more difficult, as occurred in Wednesday\u2019s decision. For these technicians, the fiscal rule itself should be sufficient justification for such decisions.<\/p>\n

 <\/p>\n

Members of the executive branch also argue that the TCU\u2019s decision interferes in the drafting of the budget bill, encroaching on responsibilities traditionally assigned to the executive and legislative branches. Brazil\u2019s budget already has a high degree of rigidity, and the measure moves toward further reducing the autonomy of these branches in defining the appropriations to be included each year in the Budget Law, they say.<\/p>\n

 <\/p>\n

In preparing the draft annual budget bill (PLOA), all sectoral bodies \u2014 including regulatory agencies \u2014 submit requests far exceeding what is feasible from a budgetary standpoint. In practice, the TCU\u2019s decision ends up shielding agencies\u2019 demands without proper merit analysis, sources said. As a result, expanding funding for these structures would tend to come at the expense of compressing other public policies, given the constraints imposed by fiscal rules.<\/p>\n

 <\/p>\n

As Valor reported, the TCU ruled that the federal government must justify any budget freezes affecting regulatory agencies and must not interfere with resources earmarked for operating expenses and oversight. The Court also set a 180-day deadline for the government to present a plan to establish the agencies\u2019 financial autonomy.<\/p>\n

 <\/p>\n

For congressional technicians, the decision could create problems this year if there were an obligation to fully allocate the resources requested by the agencies. For now, however, it is sufficient to demonstrate that the amounts provided are adequate. Even so, it will be necessary to monitor how the measure affects the drafting of the 2027 budget, a source said.<\/p>\n

 <\/p>\n

Under the ruling, the Federal Budget Secretariat (SOF) and the Budget Execution Board (JEO) must, until the action plan is presented, demonstrate that the appropriations included in the annual budget bill are sufficient to cover agencies\u2019 operating and oversight expenses whenever the amounts are below those requested by the bodies.<\/p>\n

 <\/p>\n

The determinations were issued as part of an operational audit aimed at assessing the adequacy of organizational structure, management, and results at the National Telecommunications Agency (Anatel), the National Electric Energy Agency (Aneel), the National Agency for Petroleum, Natural Gas and Biofuels (ANP), and the National Mining Agency (ANM).<\/p>\n

 <\/p>\n

Although the process focused on only four regulatory agencies, the determinations will apply to the budgets of the other seven agencies operating in Brazil. The Court also ordered the SOF and the JEO to justify any bimonthly freezes in agencies\u2019 budgets and determined that funding for operating expenses and oversight be preserved.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

\u00a0<\/strong><\/p>\n

___________________________________________<\/strong><\/p>\n

02\/09\/2026<\/p>\n

\u00a0<\/strong><\/p>\n

INVESTMENT BANKING REVENUE HITS FIVE-YEAR LOW IN BRAZIL<\/u><\/strong><\/p>\n

Higher rates and volatility dragged revenue down 12% in 2025, but banks expect a rebound with rate cuts and IPO pipeline in 2026<\/em><\/strong><\/p>\n

\u00a0<\/em><\/strong><\/p>\n

Amid market volatility and weak equity activity, investment banking revenue in Brazil dropped again in 2025, falling to its lowest level in at least five years, according to data compiled for Valor by global consultancy Dealogic. Still, expectations for 2026 are more upbeat, as interest rate cuts are expected to revive activity and reopen the equity offering window.<\/p>\n

 <\/p>\n

Total investment banking revenue reached $651 million in 2025, a 12% decline from the previous year and less than half the record $1.5 billion booked in 2021.<\/p>\n

 <\/p>\n

Dealogic\u2019s data covers mergers and acquisitions, debt, equity, and syndicated loan activity. However, investment bankers caution that the consultancy\u2014widely used in industry rankings\u2014does not capture all transactions. Cross-border deal fees, for example, may be booked in bank subsidiaries outside Brazil.<\/p>\n

 <\/p>\n

M&A deals generated $248 million in revenue last year, while debt transactions accounted for $325 million. Equity deals brought in $71 million, and syndicated loans added $8 million.<\/p>\n

 <\/p>\n

2026 outlook<\/p>\n

 <\/p>\n

Looking ahead, bankers are more optimistic about 2026, helped by renewed foreign capital inflows. Business owners have shown more willingness to engage, and many companies are expected to raise capital for investment.<\/p>\n

 <\/p>\n

In contrast, 2025 was marked by more structured transactions, particularly in the equity space, as highly leveraged companies sought to rebalance their finances. These deals replaced more traditional follow-on offerings.<\/p>\n

 <\/p>\n

Examples include Cosan\u2019s share offering and Azul\u2019s debt-to-equity conversion. Equity revenue data also includes block trades, which reached record levels last year.<\/p>\n

 <\/p>\n

With the expected start of the rate-cutting cycle, sentiment has shifted. Andr\u00e9 Moor, head of investment banking at Bradesco BBI, described 2025 as a \u201clean\u201d year for capital markets in Brazil, dominated by structured deals.<\/p>\n

 <\/p>\n

He expects a more active 2026, especially in the first quarter, with a rebound in equity offerings and even initial public offerings, which have been absent from the B3 exchange for four years.<\/p>\n

 <\/p>\n

\u201cThe mindset now is to take advantage of favorable stock market conditions and fuel up for the second half of the year,\u201d he said.<\/p>\n

 <\/p>\n

Resilient bond market<\/p>\n

 <\/p>\n

Cristiano Guimar\u00e3es, head of investment banking at Ita\u00fa BBA, said 2025 turned out better than expected, thanks to a still-strong fixed-income market following a record year in 2024. \u201cIssuance levels in the local market remained quite high,\u201d he said. For 2026, he believes that even with the volatility of an election year, lower interest rates will help stimulate markets.<\/p>\n

 <\/p>\n

\u201cThe positive angle is that the rate-cutting cycle will likely begin. By nature, that should foster overall market development, make investments easier, and restore some business confidence. That, of course, drives both debt and equity activity,\u201d he said.<\/p>\n

 <\/p>\n

Even with improving conditions, election years typically bring volatility, which could prompt companies to rush deals into the first half of the year.<\/p>\n

 <\/p>\n

IPO pipeline<\/p>\n

 <\/p>\n

Among IPO-ready candidates are sanitation companies such as BRK and Aegea. Other deals are heading to the U.S., where PicPay has already completed its offering to strong demand in New York, a path that Agibank is also expected to follow.<\/p>\n

 <\/p>\n

Leonardo Cabral, head of investment banking at Santander Brasil, said 2026 has started on a more optimistic note, driven by the return of equity deals and the anticipation of lower interest rates.<\/p>\n

 <\/p>\n

\u201cThere\u2019s strong demand for Brazilian assets from a range of geographies,\u201d he said, noting that Santander will also benefit from fees booked in 2026 from deals closed at the end of 2025.<\/p>\n

 <\/p>\n

Anderson Brito, head of investment banking at UBS BB, noted that recent years were nowhere near the levels seen during the pandemic, when liquidity was abundant and rates were at rock bottom.<\/p>\n

 <\/p>\n

But in 2026, he sees improvements across all business lines and believes risk appetite will increase after the elections. \u201cThe election removes a major uncertainty and reopens the market,\u201d he said.<\/p>\n

 <\/p>\n

Alessandro Farkuh, head of M&A at BTG Pactual, said Brazil benefited in the second half of 2025 from a reallocation of foreign capital. BTG is entering the new year with a \u201crobust pipeline,\u201d he said.<\/p>\n

 <\/p>\n

On the equity side, partner Fabio Nazari said companies are pursuing IPOs both domestically and abroad. \u201cIt\u2019s all happening in the wake of rate cuts here and overseas,\u201d he said. \u201cThe willingness to take on risk is much higher.\u201d<\/p>\n

 <\/p>\n

At Bank of America, Bruno Saraiva, co-head of investment banking in Brazil, said the bank is taking a more constructive view, particularly on the outlook for equity offerings both in Brazil and the U.S., especially from technology companies.<\/p>\n

 <\/p>\n

His counterpart Hans Lin added that 2026 will be a shorter year in terms of deal activity because of the elections. As a result, equity placements are expected to continue primarily via block trades, which hit a record in 2025.<\/p>\n

 <\/p>\n

At Citi in Brazil, investment banking head Antonio Coutinho said the environment turned more positive in early 2026 thanks to foreign capital flows. \u201cInfrastructure transactions will keep coming,\u201d he said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/p>\n

02\/13\/2026<\/p>\n

 <\/p>\n

JUSTICE EXITS MASTER CASE AFTER LINK TO OWNER EMERGES<\/u><\/strong><\/p>\n

Police cite Dias Toffoli in probe tied to Daniel Vorcaro, founder of failed bank; Supreme Court reassigns inquiry to Justice Andr\u00e9 Mendon\u00e7a<\/em><\/strong><\/p>\n

\u00a0<\/em><\/p>\n

After weeks of intense pressure, Supreme Court Justice Dias Toffoli stepped down on Thursday (12) from overseeing the criminal investigations involving Banco Master.<\/p>\n

 <\/p>\n

The decision came after a meeting of all 11 justices, called by Chief Justice Edson Fachin, who had opened a proceeding questioning Toffoli\u2019s impartiality following the discovery of references to him in the phone of Daniel Vorcaro, the bank\u2019s owner, by the Federal Police.<\/p>\n

 <\/p>\n

The matter had already been submitted to the Office of the Attorney General (PGR).<\/p>\n

 <\/p>\n

Toffoli\u2019s departure was announced in a statement released after the meeting. The investigations into Banco Master and Vorcaro will now be handled by Justice Andr\u00e9 Mendon\u00e7a, chosen through a random draw.<\/p>\n

 <\/p>\n

During the meeting, Fachin shared the findings of a report by Federal Police Director Andrei Rodrigues, which included references to Toffoli found in Vorcaro\u2019s phone.<\/p>\n

 <\/p>\n

The meeting also addressed Toffoli\u2019s defense. Earlier in the day, he acknowledged being a partner in Maridt, a company that sold part of its stake in the Tayay\u00e1 resort to a fund connected to Fabiano Zettel, Vorcaro\u2019s brother-in-law.<\/p>\n

 <\/p>\n

Under pressure<\/p>\n

 <\/p>\n

Valor learned that during the meeting Toffoli argued he should remain in charge of the investigation but decided to step aside after pressure from colleagues. The overall atmosphere was tense. The justice also defended himself over the issues raised in the Federal Police report. Afterward, fellow justices began presenting arguments against his continued oversight.<\/p>\n

 <\/p>\n

Once the justices supported replacing the rapporteur as a way to contain criticism of the Court, Toffoli agreed to relinquish control of the investigation. After hearing his colleagues, he no longer \u201cdug in\u201d to remain in charge of the proceedings.<\/p>\n

 <\/p>\n

\u201cAt the request of Justice Dias Toffoli, taking into account his prerogative to submit matters to the court\u2019s president to ensure the proper handling of proceedings, and in view of the high institutional interests at stake, the Supreme Court presidency, after hearing all justices, accepts his communication to transfer the cases under his rapporteurship so they may be freely reassigned,\u201d said the statement signed by all ten other justices, including Toffoli himself.<\/p>\n

 <\/p>\n

The justices unanimously agreed there were no grounds to proceed with the motion questioning Toffoli\u2019s impartiality. The statement also said the court recognized \u201cthe full validity of the actions\u201d taken by Toffoli in the case and expressed their \u201cpersonal support\u201d for him.<\/p>\n

 <\/p>\n

Before stepping away from the case, Toffoli took a measure investigators described as \u201cdoubling down\u201d: on Thursday, he ordered the Federal Police to submit to the Supreme Court the full contents extracted from the phones and computers of those under investigation in the Banco Master probe, including Daniel Vorcaro.<\/p>\n

 <\/p>\n

The order called for the delivery of forensic reports on \u201cthe material in question, including telematic, digital, and telephone data.\u201d It also included other \u201cevidentiary elements\u201d that had already been documented but not yet sent to the inquiry overseen by Toffoli.<\/p>\n

 <\/p>\n

The meeting was announced at the start of Thursday\u2019s plenary session. The session ended early, and the meeting began around 4:30 p.m., paused at 7 p.m., and resumed at 8 p.m. The statement was released shortly after.<\/p>\n

 <\/p>\n

On Monday (9), Federal Police Director Andrei Rodrigues personally delivered to Fachin the report citing Toffoli. The material was based on data extracted from phones belonging to individuals under investigation in the Master case, including Vorcaro. According to a report by journalist Malu Gaspar in O Globo, the document includes phone calls between the two, an invitation to Toffoli\u2019s birthday party, and conversations with others about payments related to the Tayay\u00e1 resort.<\/p>\n

 <\/p>\n

The police did not formally request the justice\u2019s recusal. As they are not a party to the case, they cannot do so. However, the information raised doubts about Toffoli\u2019s continued role as rapporteur, given potential conflicts of interest and questions about impartiality.<\/p>\n

 <\/p>\n

Toffoli\u2019s defense<\/p>\n

 <\/p>\n

Since the revelations surfaced, Toffoli issued two statements in his defense. The first, sent to reporters on Wednesday night (11), claimed the police report was based on \u201cspeculation.\u201d In the second, issued Thursday morning, he admitted being a shareholder in Maridt, the family company that sold part of its stake in the Tayay\u00e1 resort to a fund linked to Vorcaro\u2019s brother-in-law, Fabiano Zettel. The justice denied receiving any money directly from Vorcaro or Zettel.<\/p>\n

 <\/p>\n

\u201cJustice Dias Toffoli is part of Maridt\u2019s shareholder structure. The company is managed by the justice\u2019s relatives. Under the Organic Law of the Judiciary, Article 36 of Complementary Law 35\/1979, a judge may be a shareholder in a company and receive dividends, but is prohibited from performing managerial duties,\u201d said the second statement released by Toffoli\u2019s office.<\/p>\n

 <\/p>\n

He also acknowledged that Maridt\u2019s stake in Tayay\u00e1 was sold to Zettel\u2019s Arllen Fund on September 27, 2021. The remaining shares were sold to PHD Holding on February 21, 2025. Toffoli said in the statement he was not familiar with Arllen\u2019s fund manager.<\/p>\n

 <\/p>\n

\u201cThe justice does not know the manager of the Arllen Fund and has never had any friendship, let alone a close friendship, with the defendant Daniel Vorcaro. Finally, the justice clarifies that he has never received any money from Daniel Vorcaro or his brother-in-law Fabiano Zettel,\u201d the statement read.<\/p>\n

 <\/p>\n

Toffoli also said the entire transaction was \u201cproperly declared to the Federal Revenue Service\u201d and that \u201call sales were made at market value.\u201d As for the Master case, he said he only took over as rapporteur in November 2025. \u201cBy then, Maridt had long ceased to be part of the Tayay\u00e1 Ribeir\u00e3o Claro group,\u201d he added.<\/p>\n

 <\/p>\n

Internal crisis<\/p>\n

 <\/p>\n

Justices said the recent revelations involving Toffoli had created a new kind of crisis within the Supreme Court.<\/p>\n

 <\/p>\n

Court members and close observers noted that the tribunal is accustomed to external pressure\u2014such as criticism of rulings and accusations of interference in other branches\u2014but Toffoli\u2019s connection to the Tayay\u00e1 resort and the mentions found on Vorcaro\u2019s phone triggered an internal crisis, casting doubt on one justice\u2019s impartiality.<\/p>\n

 <\/p>\n

Had Toffoli not stepped aside, one alternative under consideration was sending the case to a lower court. That\u2019s because a formal ruling of bias could lead to the annulment of the justice\u2019s decisions, delaying the conclusion of the investigation into the fraudulent credit scheme at Banco Master. The Supreme Court\u2019s internal rules state that if bias is alleged or declared, all acts performed by the justice in question are rendered null.<\/p>\n

 <\/p>\n

In a private conversation with Valor, one justice said that while Toffoli enjoys the goodwill of his peers, \u201cthere are limits.\u201d \u201cHe has the sympathy of the majority, but not for just anything,\u201d the source said.<\/p>\n

 <\/p>\n

One source described the moment as \u201ca unique situation,\u201d saying they could not recall a similar episode involving the head of the Federal Police personally delivering evidence of a possible conflict of interest between a justice and a person under investigation.<\/p>\n

 <\/p>\n

The rise of pro-impeachment rhetoric has unsettled members of the Court. But one of them said it was too early to tell whether the situation had reached that level of severity.<\/p>\n

 <\/p>\n

Since taking over the Banco Master inquiries, Toffoli had insisted he would not step aside, even as scrutiny over his actions grew. Initially, he maintained that stance even after reports surfaced that his relatives had ties to the funds mentioned in the investigation.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

02\/13\/2026<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

BRAZIL\u2019S MAJOR BANKS RAISE PROVISIONS, ADOPT CAUTIOUS TONE FOR 2026<\/u><\/strong><\/p>\n

Combined profit of Ita\u00fa, Bradesco, Santander and Banco do Brasil fell 4.4% to R$107.8bn, dragged down by BB\u2019s agriculture losses<\/em><\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Brazil\u2019s largest banks are entering 2026 with a more cautious stance after a slower 2025, marked by a modest credit expansion, higher loan-loss provisions, partly due to regulatory changes, and relatively stable default levels. With interest rates still high and presidential elections on the horizon, financial institutions see challenges ahead.<\/p>\n

 <\/p>\n

Ita\u00fa Unibanco, Bradesco, Santander, and state-controlled Banco do Brasil (BB) ended last year with a combined profit of R$107.8 billion, down 4.4% from 2024. However, the consolidated figure masks stark differences.<\/p>\n

 <\/p>\n

BB was the main drag on performance, with its profit plummeting 45.5% due to losses in agribusiness. If only private-sector banks are considered, the combined profit would have grown 16.4%.<\/p>\n

 <\/p>\n

Gross financial margin for the four institutions rose 6.4% to R$362.6 billion. But provisions for bad loans surged 22.7% to R$170.2 billion, driven by two main factors. There was a deterioration in asset quality, requiring banks to beef up their loss reserves.<\/p>\n

 <\/p>\n

In addition, a regulatory change played a role. Under Resolution 4,966, the Central Bank mandated a new accounting model based on expected credit losses, forcing banks to increase their cushions as they anticipate credit deterioration.<\/p>\n

 <\/p>\n

BB\u2019s defaults<\/p>\n

 <\/p>\n

Last year, delinquency rates among the country\u2019s largest banks remained mostly stable, except at BB. While the market average rose from 3% at the end of 2024 to 4.1% in late 2025, the large banks saw little change.<\/p>\n

 <\/p>\n

Ita\u00fa\u2019s rate fell 0.1 percentage point, Bradesco\u2019s rose 0.1 point, and Santander\u2019s increased 0.5 point. BB stood out, with its delinquency rate jumping 2 points to 5.17%. The bank posted deterioration across all segments, but was hit especially hard by agribusiness losses and a specific corporate case.<\/p>\n

 <\/p>\n

The four publicly listed banks also slowed credit growth. Their combined loan portfolio reached R$4.58 trillion in 2025, a 5.8% increase, well below the national financial system\u2019s average growth of 10.2%.<\/p>\n

 <\/p>\n

For 2026, a similar scenario is expected, with major banks maintaining a more conservative approach than the broader market. This trend is reflected both in their forecasts and in statements from executives.<\/p>\n

 <\/p>\n

Election-year caution<\/p>\n

 <\/p>\n

The Central Bank projects 8.6% credit growth in 2026. Ita\u00fa\u2019s guidance ranges from 5.5% to 9.5% (7.5% at the midpoint); Bradesco expects between 8.5% and 10.5% (9.5% midpoint); BB forecasts just 0.5% to 4.5% (2.5% midpoint). Santander does not provide public guidance but has adopted a more cautious tone than its peers.<\/p>\n

 <\/p>\n

Ita\u00fa expects higher profit and sustained strong return on equity in 2026. Asked whether the bank\u2019s guidance was too conservative, CEO Milton Maluhy Filho said it was not defensive, but rather \u201crealistic,\u201d especially in an election year, which tends to bring heightened uncertainty. \u201cIt wouldn\u2019t make sense to aggressively expand credit and later have to pull back. But if we see opportunities and can deliver more, we will,\u201d he said.<\/p>\n

 <\/p>\n

Santander CEO Mario Le\u00e3o said the key is to grow in the segments the bank has prioritized, even if it means losing share in others. \u201cI chose to grow in high-income clients and small and midsize companies. In those two segments, I need to grow disproportionately,\u201d he noted.<\/p>\n

 <\/p>\n

Santander\u2019s CFO, Gustavo Alejo, said the bank expects more pressure on provisions in portfolios like agribusiness and small businesses. These sectors are more sensitive to the base interest rate, which is expected to remain high even as the rate-cutting cycle begins.<\/p>\n

 <\/p>\n

\u201cGiven that we\u2019re still in a high-Selic [base rate] environment, it\u2019s only natural to see pressure,\u201d Alejo said. \u201cObviously we\u2019re working to reduce that pressure, and we\u2019re preparing for it.\u201d<\/p>\n

 <\/p>\n

Bradesco sees traction; BB to focus on retail<\/p>\n

 <\/p>\n

Recovering and executing its strategic plan, Bradesco appears more \u201cgeared up,\u201d as CEO Marcelo Noronha put it. \u201cWe\u2019re seeing commercial traction, important credit growth, and potential for market share gains in specific segments.\u201d<\/p>\n

 <\/p>\n

MNoronha is optimistic about the macroeconomic outlook. With inflation under control, he said, the Selic rate could fall to 12% by year-end. \u201cThat\u2019s our horizon. I see Brazil moving forward, unemployment is under control, and we\u2019re still optimistic, not pessimistic.\u201d<\/p>\n

 <\/p>\n

At Banco do Brasil, the plan is to expand its retail portfolio, which has better risk-adjusted returns, while corporate and agribusiness lending is expected to remain flat. Overall credit growth at BB will be less than a third of the market average.<\/p>\n

 <\/p>\n

BB CEO Tarciana Medeiros said Thursday (12) that 2025 was the most challenging year in her 26-year career at the bank, largely due to agribusiness losses stemming from Resolution 4,966 and a wave of bankruptcy filings.<\/p>\n

 <\/p>\n

Still, she noted that even with nearly R$80 billion in provisions, BB posted a profit of R$20.7 billion and delivered on its guidance, which was revised twice during the year.<\/p>\n

 <\/p>\n

\u201c[The year] 2026 will also be challenging,\u201d Medeiros said. \u201cBut it will be a challenge we\u2019ve already learned how to manage.\u201d<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

02\/18\/2026<\/p>\n

 <\/p>\n

SUPREME COURT FLAGS ILLEGAL ACCESS TO JUSTICES\u2019 TAX DATA<\/u><\/strong><\/p>\n

Information on relatives was also allegedly accessed and leaked by the Federal Revenue staff<\/em><\/strong><\/p>\n

\u00a0<\/em><\/strong><\/p>\n

Brazil\u2019s Supreme Federal Court (STF) said in a statement released Tuesday (17) that confidential tax data of its justices and their relatives were improperly accessed by employees of the Federal Revenue, the country\u2019s tax authority, and later leaked to third parties.<\/p>\n

 <\/p>\n

Four suspects were targeted in a search-and-seizure operation carried out by the Federal Police at the order of Justice Alexandre de Moraes. The move split the court because it stems from the so-called \u201cfake news\u201d inquiry and ultimately involves all sitting justices.<\/p>\n

 <\/p>\n

The STF did not identify the owners of the leaked data. Valor learned, however, that the illegally collected information allegedly concerned lawyer Viviane Barci, Justice Moraes\u2019s wife, whose professional activities drew attention due to her law firm\u2019s contract with Master bank, and a son of another justice.<\/p>\n

 <\/p>\n

Search warrants were executed in the states of S\u00e3o Paulo, Rio de Janeiro and Bahia. Investigators and the Federal Revenue are still examining the motive, including whether it was political or part of a data-selling scheme.<\/p>\n

 <\/p>\n

Search operation<\/p>\n

 <\/p>\n

Those targeted by the Federal Police were Luiz Ant\u00f4nio Martins Nunes, a technician at the Federal Data Processing Service (Serpro) in Rio de Janeiro who was seconded to the Federal Revenue; Ricardo Mansano de Moraes, a tax auditor at the Federal Revenue since 2007; Ruth Machado dos Santos, a Social Security technician since 1994 who works at the Federal Revenue office in Guaruj\u00e1, on the coast of S\u00e3o Paulo; and Luciano Pery dos Santos, also a Social Security technician, working at a Federal Revenue office in Salvador.<\/p>\n

 <\/p>\n

Justice Moraes ordered precautionary measures against the employees. These include lifting their bank, tax and telecommunications secrecy; house arrest at night and on weekends with electronic ankle monitoring; a ban on leaving the judicial district where they live; immediate suspension from public duties, including prohibition from entering Federal Revenue and Serpro premises and accessing systems; among others.<\/p>\n

 <\/p>\n

Valor was unable to reach the defense lawyers for the four employees before publication.<\/p>\n

 <\/p>\n

\u201cVarious and multiple unlawful accesses to the Brazilian Federal Revenue system were identified, followed by the subsequent leaking of confidential information. Initial investigations demonstrate, as shown in a report sent by the Federal Revenue to the STF, the existence of a \u2018block of accesses whose analysis, by the responsible departments, identified no functional justification [for the accesses],\u2019\u201d the Supreme Court said.<\/p>\n

 <\/p>\n

Revenue audit<\/p>\n

 <\/p>\n

The information on the leaks was sent to Moraes by the Federal Revenue after he ordered the agency to track in its systems whether justices, their relatives and the attorney general, Paulo Gonet, had their data accessed improperly.<\/p>\n

 <\/p>\n

The Federal Revenue checked whether information had been accessed on the ten Supreme Court justices and on relatives such as parents, children, siblings and spouses. The audit covered about 100 individuals who may have had their information accessed unlawfully, Folha de S.Paulo reported.<\/p>\n

 <\/p>\n

Tuesday\u2019s searches followed a request from the Office of the Prosecutor General (PGR). The agency said the conduct of the Federal Revenue employees may constitute the crime of breach of official secrecy. It added that other offenses may have been committed, since the tax information was allegedly used to create \u201cartificial suspicions\u201d against STF members.<\/p>\n

 <\/p>\n

\u201cThe case goes beyond individual breach of tax secrecy, since the fragmented and selective exploitation of confidential information of public authorities, disclosed without context and without judicial oversight, has been instrumentalized to produce artificial suspicions that are difficult to dispel,\u201d the PGR said in requesting the searches.<\/p>\n

 <\/p>\n

The Federal Revenue issued two statements on the investigation. In the first, it said it does not \u201ctolerate misconduct,\u201d especially involving tax secrecy, and noted it had already been investigating irregular access to data of justices and their relatives.<\/p>\n

 <\/p>\n

\u201cOn January 12 this year, the STF requested that the Federal Revenue conduct an audit of its systems to identify irregularities in access to data of the Court\u2019s justices, relatives and others over the past three years. The work was included in a procedure that had already been opened the previous day by the Federal Revenue\u2019s Internal Affairs Office based on reports published in the press,\u201d one statement said.<\/p>\n

 <\/p>\n

In a second note, the Federal Revenue clarified that no irregular access was identified to the confidential tax data of Attorney General Paulo Gonet and his relatives. \u201cThe Federal Revenue was asked to provide access data for all STF justices, the attorney general and their relatives. In other words, an audit of all was requested, but this does not mean that there was access to the tax data of all,\u201d it said.<\/p>\n

 <\/p>\n

Internal backlash<\/p>\n

 <\/p>\n

The tracking of potential unlawful breaches of secrecy comes amid the crisis triggered by the liquidation of Banco Master and investigations into an alleged multibillion-real fraud scheme at the bank, which are being handled by the Supreme Court.<\/p>\n

 <\/p>\n

During the probe, O Globo reported that Master hired the law firm of lawyer Viviane Barci, Justice Moraes\u2019s wife, for monthly payments of R$3.6 million. The total amount, about R$130 million, was allegedly not paid due to the bank\u2019s liquidation.<\/p>\n

 <\/p>\n

Behind the scenes, amid criticism in Congress that the case should not be used to overshadow the crisis facing the STF, members of the court disagreed over Moraes\u2019s order. Some said the decision lacks legal basis. \u201cThis is the same as breaching secrecy in one\u2019s own cause and rummaging through the lives of countless people,\u201d one justice said.<\/p>\n

 <\/p>\n

Another justice said the order makes \u201cno legal sense.\u201d In his view, the decision is broad and covers all ten members of the current composition of the court. \u201cIf that is the case, who would be competent [to issue the order]? The Pope?\u201d he quipped.<\/p>\n

 <\/p>\n

A third justice said Moraes is merely seeking to determine whether there were unlawful breaches of secrecy against justices, which is not the same as accessing colleagues\u2019 tax data.<\/p>\n

 <\/p>\n

He noted, however, that the timing is far from ideal, as the STF has been in the headlines weekly and has not yet recovered from an internal crisis sparked by the possible recording of a secret meeting that discussed the rapporteurship of the Master case.<\/p>\n

 <\/p>\n

Contacted, Justice Moraes did not comment on the remarks before publication.<\/p>\n

 <\/p>\n

In a statement, the National Association of Federal Tax Auditors of the Brazilian Federal Revenue (Unafisco) expressed \u201cconcern\u201d over the precautionary measures imposed on the suspects, arguing that the investigation remains at an early stage.<\/p>\n

 <\/p>\n

\u201cThe entity defends that any irregularities be rigorously investigated, but with observance of due process of law, the presumption of innocence and proportionality. Extreme precautionary sanctions require robust grounds and consistent evidentiary support, especially when there is not yet a definitive technical conclusion,\u201d it said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

02\/20\/2026<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

RARE EARTH PROJECTS IN BRAZIL TOTAL R$13.2BN IN INVESTMENTS<\/u><\/strong><\/p>\n

Country draws global attention amid race for strategic minerals used in energy transition, technology and defense<\/em><\/strong><\/p>\n

 <\/p>\n

Seven rare earth mining projects in the pre-operational stage represent up to R$13.2 billion in planned investments in Brazil. The country has entered the radar of foreign governments as well as domestic and international investors amid the global race for the group of materials, considered strategic for areas such as the energy transition, technology and defense.<\/p>\n

 <\/p>\n

Interest in Brazil\u2019s rare earth reserves, located mainly in the states of Minas Gerais, Goi\u00e1s, Amazonas, Bahia and Sergipe, stems from the fact that they are the largest outside China. They could help reduce Western dependence on Chinese rare earths, as China accounts for 69% of global production and 91% of refining.<\/p>\n

 <\/p>\n

The group comprises 17 metals, including lanthanum, samarium, terbium and lutetium. While abundant worldwide, they involve costly and complex extraction and refining processes.<\/p>\n

 <\/p>\n

Regulatory uncertainty<\/p>\n

 <\/p>\n

Among the pre-operational initiatives are projects led by mining companies listed on foreign exchanges as well as privately held and publicly traded Brazilian companies, most of them concentrated in Minas Gerais.<\/p>\n

 <\/p>\n

Specialists interviewed by Valor said, however, that turning projected investments into actual capital inflows will depend on regulatory and financial advances.<\/p>\n

 <\/p>\n

Projects by Viridis Mining & Minerals and Meteoric Resources, both listed on the Sydney Stock Exchange in Australia, Aclara Resources, listed in Toronto, Canada, and Atlas Critical Minerals, listed on the Nasdaq in the U.S., are expected to begin operations in 2028.<\/p>\n

 <\/p>\n

\u201cFollowing the schedule, we estimate reaching the final investment decision in the second half of this year,\u201d said Klaus Petersen, Viridis\u2019s country manager in Brazil.<\/p>\n

 <\/p>\n

Meteoric plans to begin construction in the third quarter, if it secures an installation license. \u201cConstruction will take 24 months, which could be reduced to 18,\u201d said Marcelo Carvalho, the company\u2019s chief executive.<\/p>\n

 <\/p>\n

Aclara noted that the multiplicity of agencies involved in environmental licensing and the lack of domestic customers to purchase future mine output pose challenges to securing financing. \u201cEstablishing offtake contracts [advance purchase agreements for production] is a key factor for obtaining financing,\u201d said Jos\u00e9 Augusto Palma, the miner\u2019s executive vice president.<\/p>\n

 <\/p>\n

Marc Fogassa, CEO of Atlas, said the company\u2019s areas are currently \u201cin the stage of geological studies, laboratory testing and definition of processing routes.\u201d<\/p>\n

 <\/p>\n

Projects by St. George Mining, also listed in Sydney, and privately held Brazilian company Terra Brasil are expected to begin operations in 2029.<\/p>\n

 <\/p>\n

\u201cStudies are under way to confirm the project\u2019s technical and economic potential,\u201d said St. George executive chairman, John Prineas. The project also foresees additional investments in niobium.<\/p>\n

 <\/p>\n

Both initiatives are located in Arax\u00e1, a city in Minas Gerais where Companhia Brasileira de Metalurgia e Minera\u00e7\u00e3o (CBMM), controlled by the Moreira Salles family, operates.<\/p>\n

 <\/p>\n

Terra Brasil\u2019s initiative also targets investments in fertilizers. \u201cWe have adopted a differentiated strategy, with an integrated project combining rare earths with phosphate and potash fertilizers,\u201d said Eduardo Duarte, the company\u2019s chief executive.<\/p>\n

 <\/p>\n

Brazilian Critical Minerals (BCM) did not disclose when it expects to start operations, but chief executive Andrew Reid said the main steps to be completed this year include obtaining \u201call necessary licenses.\u201d<\/p>\n

 <\/p>\n

The investment volume in the segment is likely to be higher, since the projects compiled by Valor represent only part of those in the pre-operational stage, and others have yet to disclose public estimates of capital expenditures.<\/p>\n

 <\/p>\n

\u201cThis investment forecast is an excellent indication that the world is looking at the country,\u201d said Patricia Seoane, mining and steel leader at PwC Brasil. She noted, however, that uncertainty over the regulatory framework for rare earths and other critical minerals, a policy Brazil still lacks, creates insecurity for investors, banks and lenders.<\/p>\n

 <\/p>\n

Financing gap<\/p>\n

 <\/p>\n

GIN Capital estimates that at most 35% of the R$13 billion projected will actually be raised and disbursed by 2028. \u201cThe most technically advanced projects, with more robust feasibility studies and some engagement with potential offtakers, have a 60% to 70% probability of reaching a final investment decision,\u201d said Roberta Dalla, co-founder and partner at the platform. The others face lower odds absent structural changes in the business environment.<\/p>\n

 <\/p>\n

A bill under consideration in the Lower House, under the rapporteurship of lawmaker Arnaldo Jardim, of the Citizenship Party, is seen as the most advanced proposal to establish a National Policy for Critical and Strategic Minerals and boost the segment.<\/p>\n

 <\/p>\n

Companies across the critical minerals chain are advocating for the inclusion of a guarantee fund in the framework to unlock capital flows. The Critical Minerals Association (AMC) said the proposal would bring together development banks and the private sector to dilute financing risks and allow junior mining companies, which lead many initiatives and lack active production to offer as collateral, to access funding under more competitive terms.<\/p>\n

 <\/p>\n

\u201cWe need another guarantee mechanism so that the entire package of projects can be covered,\u201d said Marisa Cesar, chair of the association\u2019s board.<\/p>\n

 <\/p>\n

Lawmaker Arnaldo Jardim confirmed to Valor that the draft under his report includes such an instrument.<\/p>\n

 <\/p>\n

The Brazilian Mining Institute (Ibram) said the high risk of mineral exploration, where roughly two out of every 100 surveyed areas become viable projects, limits access to credit. As a result, said Julio Nery, the institute\u2019s mining affairs director, junior companies seek capital on exchanges in countries such as Australia and Canada.<\/p>\n

 <\/p>\n

\u201cThey are not necessarily Australian or Canadian projects. They may even be Brazilian, but they seek risk capital abroad because there are financial incentives there that do not exist here.\u201d<\/p>\n

 <\/p>\n

The AMC also pointed to \u201clegal uncertainty\u201d generated by interventions from bodies such as the Federal Prosecutor\u2019s Office (MPF) in environmental licensing. AMC\u2019s Cesar cited cases involving Viridis and Meteoric, which faced legal action before receiving preliminary licenses last year. \u201cThis affects the attraction of more investors.\u201d<\/p>\n

 <\/p>\n

The MPF said that, \u201cas a precaution,\u201d potential environmental risks should be assessed through complementary studies.<\/p>\n

 <\/p>\n

Shigueo Watanabe Junior, a researcher at the ClimaInfo Institute, said the agency acts because environmental protection tools and safeguards for communities affected by projects have failed in Brazil. \u201cIn an ideal world, the Public Prosecutor\u2019s Office would not need to intervene, because licensing and monitoring mechanisms would be sufficient.\u201d<\/p>\n

 <\/p>\n

The lack of structured long-term offtake contracts, still faced by some projects, and the technical complexity of refining the elements were also cited by GIN as obstacles.<\/p>\n

 <\/p>\n

\u201cWithout long-term offtake agreements with end manufacturers or intermediaries, these projects cannot secure traditional project finance,\u201d GIN\u2019s Dalla said, referring to a model in which credit is granted primarily based on future cash-flow generation capacity.<\/p>\n

 <\/p>\n

Global race<\/p>\n

 <\/p>\n

In the global race to reduce dependence on China, she said Brazil could capture 15% to 20% of the global rare earth market, projected at up to $12 billion annually by 2030, but \u201cthe window is 18 to 24 months.\u201d<\/p>\n

 <\/p>\n

If Brazil misses the opportunity, the risk is that refining infrastructure and offtake agreements will already have been established in other countries. \u201cAnd it will be exponentially more difficult and more expensive to attract large-scale capital,\u201d she said.<\/p>\n

 <\/p>\n

Currently, the only commercially operating mine in the country is Serra Verde Minera\u00e7\u00e3o in Goi\u00e1s, which announced it secured $565 million in financing from the U.S. International Development Finance Corporation (DFC), the U.S. development bank.<\/p>\n

 <\/p>\n

The search for international investors, including development institutions and public and private banks, is a strategy already used by pre-operational mining companies.<\/p>\n

 <\/p>\n

In September 2025, Aclara announced it had received a commitment of up to $5 million from the DFC to fund a feasibility study. Viridis and Meteoric have also announced letters of support and interest in financing from export credit agencies in countries including Australia, Canada, France and the United States.<\/p>\n

 <\/p>\n

Domestically, Brazil also has initiatives aimed at unlocking investments in critical minerals. The federal government has been working to attract international investors to the segment.<\/p>\n

 <\/p>\n

In November, the Brazilian Trade and Investment Promotion Agency (ApexBrasil) held meetings in the European Union, and in March this year expects at least five mining companies to receive announcements of investments linked to the bloc.<\/p>\n

 <\/p>\n

\u201cThe work initiated by the government needs to quickly translate into operational instruments that allow Brazilian projects to compete on equal terms,\u201d Dalla said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

02\/20\/2026<\/p>\n

 <\/p>\n

GOI\u00c1S ADVANCES CRITICAL MINERALS DEAL WITH U.S.<\/u><\/strong><\/p>\n

State expects to sign agreement by March after governor\u2019s trip to Washington<\/em><\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

The state government of Goi\u00e1s expects to sign a critical minerals agreement with the United States by March, after advancing discussions this month during Governor Ronaldo Caiado\u2019s visit to Washington. The deal would precede any potential negotiations between Brazil\u2019s federal government and the U.S. administration on the issue, which have yet to take place.<\/p>\n

 <\/p>\n

According to Adriano da Rocha Lima, Goi\u00e1s\u2019 chief of staff, who accompanied Caiado to the U.S., the state also plans to sign a similar agreement with Japan. \u201cBoth agreements should be signed by the first week of March at the latest,\u201d he said.<\/p>\n

 <\/p>\n

The governor\u2019s agenda included a meeting with the U.S. International Development Finance Corporation (DFC), the American counterpart to the Brazilian Development Bank (BNDES), which approved $565 million (R$2.9 billion) in financing for Minera\u00e7\u00e3o Serra Verde. The company operates Brazil\u2019s only commercially active rare earth mine, located in Goi\u00e1s.<\/p>\n

 <\/p>\n

The most significant meeting, Rocha Lima said, was with Christopher Landau, U.S. Deputy Secretary of State and a close aide to Secretary of State Marco Rubio. \u201cIn that meeting, we broadly discussed the partnership between Goi\u00e1s and the U.S., and they expressed full support for cooperation,\u201d he said.<\/p>\n

 <\/p>\n

On the U.S. side, the agreement is expected to involve the Bureau of Economic and Business Affairs at the State Department. On the Brazilian side, it would include the Goi\u00e1s State Authority for Critical Minerals (Amic-GO). The deal would serve as a framework for more specific future agreements and would provide for technological and commercial cooperation, as well as financial contributions, though no initial amount has been specified.<\/p>\n

 <\/p>\n

\u201cAccording to them, without this agreement they face difficulties in making financial contributions, allocating resources, and forming partnerships with companies and research centers,\u201d Rocha Lima said.<\/p>\n

 <\/p>\n

Goi\u00e1s has moved ahead at the state level by approving legislation in 2025 establishing Amic-GO, which will coordinate state policy on critical minerals. At the federal level, Brazil does not yet have comparable legislation.<\/p>\n

 <\/p>\n

Based on conversations in Washington, the Goi\u00e1s government said it sensed a lack of urgency on the part of Brazil\u2019s federal administration. \u201cI recall a comment along the lines of, \u2018We are trying to negotiate with the Brazilian government, but we haven\u2019t received a response,\u2019\u201d Rocha Lima said, adding that this may have prompted the U.S. to accelerate talks directly with the state.<\/p>\n

 <\/p>\n

Brazil\u2019s Mines and Energy Ministry said in a statement that it \u201cremains open to dialogue and cooperation with international initiatives that contribute to a more resilient, transparent, and sustainable global critical minerals supply chain.\u201d The ministry added that Brazil\u2019s approach is guided, among other principles, by integration into global value chains \u201cin dialogue with different partners, including the U.S., the European Union, China, and other strategic actors.\u201d<\/p>\n

 <\/p>\n

A source familiar with the sector expressed concern about a lack of alignment between state and federal authorities, warning that the federal government could eventually seek to annul or invalidate the state-level agreement with the U.S. on constitutional grounds.<\/p>\n

 <\/p>\n

The Brazilian Mining Institute (Ibram) views the potential agreement positively. According to Julio Nery, the institute\u2019s mining affairs director, the initiative should not hinder possible negotiations between Brazil and the U.S. at the federal level. \u201cThe Brazilian government can also sign a similar agreement,\u201d he said. \u201cIt is very positive to see different levels of government engaged in this process.\u201d<\/p>\n

 <\/p>\n

Rocha Lima said Goi\u00e1s made clear its intention to move up the value chain in critical minerals. \u201cWe do not want to simply extract the mineral and ship it abroad in raw form. They understood and agreed,\u201d he said.<\/p>\n

 <\/p>\n

Under the planned agreement with Japan\u2014expected to involve Amic-GO and the Japan Organization for Metals and Energy Security (Jogmec)\u2014the parties would carry out detailed geological mapping of Goi\u00e1s\u2019 subsoil. \u201cThis mapping should cost around R$300 million, and Japan is willing to finance it,\u201d Rocha Lima said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

_____________________________________________<\/strong><\/p>\n

02\/25\/2026<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

SUPREME COURT, CONGRESS DEBATE TRANSITION RULE ON PERKS<\/u><\/strong><\/p>\n

Court likely to uphold Justice Dino ruling suspending benefits, with deadline adjustments after Chief Justice Fachin meets with congressional leaders<\/em><\/strong><\/p>\n

 <\/p>\n

The full bench of Brazil\u2019s Supreme Court is set to review on Wednesday (25) a decision by Justice Fl\u00e1vio Dino limiting the payment of indemnity allowances not expressly provided for by law, commonly referred to as \u201cpenduricalhos,\u201d or add-on benefits.<\/p>\n

 <\/p>\n

The case comes a day after Chief Justice Edson Fachin met with Chamber of Deputies Speaker Hugo Motta (Republicans of Para\u00edba) and Senate President Davi Alcolumbre (Brazil Union of Amap\u00e1) to discuss a transition rule for the add-ons.<\/p>\n

 <\/p>\n

At the meeting, it was agreed that a proposal for a \u201ctransition rule\u201d on the \u201climits of the constitutional salary cap\u201d would be drafted \u201cin the coming days.\u201d Also in attendance were Dino and Justices Gilmar Mendes and Alexandre de Moraes, Deputy Prosecutor-General Hindenburgo Chateaubriand, and the president of the Federal Court of Accounts (TCU), Vital do R\u00eago.<\/p>\n

 <\/p>\n

Dino\u2019s decision gives the three branches of government 60 days to reassess all remuneration payments and suspend those not expressly provided for in federal, state or municipal rules. A transition rule is expected to be adopted because there would not be sufficient time to comply with the order within two months.<\/p>\n

 <\/p>\n

The justice issued the ruling on February 5. The injunction was submitted to the Supreme Court\u2019s full bench, which will now decide whether to uphold the order issued earlier this month. Valor has learned that the Court is likely to uphold the measure. However, adjustments are expected to the deadlines set by Dino, taking into account the agreement reached at Monday\u2019s (23) meeting regarding the \u201ctransition rule.\u201d<\/p>\n

 <\/p>\n

Supreme Court justices admit behind the scenes that the matter is sensitive and overturning a colleague\u2019s decision could further intensify criticism of the Court, which has grown amid developments in investigations involving Banco Master.<\/p>\n

 <\/p>\n

On Monday (23), Justice Mendes also issued a ruling on the add-ons. He determined that indemnity payments may only be made to members of the Judiciary and the Public Prosecutor\u2019s Office when expressly provided for in a law approved by Congress.<\/p>\n

 <\/p>\n

Valor has learned that the decision may also be brought before the full bench on Wednesday, so that both Mendes\u2019s and Dino\u2019s orders can be reviewed jointly by the other justices.<\/p>\n

 <\/p>\n

That will depend, however, on Fachin. The chief justice may opt not to review any of the cases dealing with the add-ons until progress is made on the transition rule for indemnity payments.<\/p>\n

 <\/p>\n

The adoption of a transitional regime for changes to the add-ons is supported by professional associations and by the S\u00e3o Paulo State Court of Justice (TJ-SP), which requested a \u201creasonable deadline\u201d for the approval of guidelines on the matter.<\/p>\n

 <\/p>\n

At the meeting held at the Supreme Court, the speakers of the Chamber and the Senate said it will not be possible to pass a specific law on the add-ons in 2026, given the elections and the priorities already set for this year. Behind the scenes, the possibility was raised that a solution could be addressed within the administrative reform under discussion in the Chamber, though there is still no date for a vote.<\/p>\n

 <\/p>\n

Speaking to Valor, Federal Deputy Pedro Paulo (Social Democratic Party, PSD, Rio de Janeiro), coordinator of the administrative reform working group in the Chamber, defended including the issue in the proposal. \u201cWe will have to deliberate on this, and now there is pressure from outside in. There are bills under consideration, but I believe we should promptly discuss the administrative reform, which also addresses this [the add-ons], and resolve it at once,\u201d he said.<\/p>\n

 <\/p>\n

On Tuesday, Motta said he rules out any possibility of the Chamber legalizing above-cap salaries through bills already under consideration or that may be introduced. \u201cWhat we have said is that this discussion needs to be carried out in a much broader way. Dino\u2019s decision, now reaffirmed in another case by Justice Gilmar, was appropriate and brings to the table of real Brazil, which faces many challenges, the incompatibility of continuing to pay these add-ons across various levels of the public administration,\u201d he said.<\/p>\n

 <\/p>\n

Finance Minister Fernando Haddad said the Supreme Court\u2019s recent decisions represent a \u201cwindow of opportunity\u201d for Congress to advance a bill aimed at curbing above-cap salaries, sent by the ministry to the Legislature in 2024.<\/p>\n

 <\/p>\n

In the Finance Ministry\u2019s view, progress on the bill to curb above-cap salaries is also a way to begin the administrative reform debate in a \u201cproper\u201d manner, targeting public servants with the highest pay\u2014often above constitutional limits.<\/p>\n

 <\/p>\n

In his ruling earlier this month, Dino ordered Congress to specify which indemnity payments qualify as exceptions to the public service salary cap. He said that although the Court has already established consolidated case law, there has been an \u201cextraordinary\u201d spread in the payment of installments of an \u201cindemnity nature.\u201d<\/p>\n

 <\/p>\n

According to him, the Supreme Court has ruled \u201chundreds (perhaps thousands) of times\u201d on this type of payment, always upholding constitutional parameters.<\/p>\n

 <\/p>\n

The justice also said there is in Brazil a \u201cphenomenon of anomalous multiplication\u201d of add-ons, which he argued does not occur even in the world\u2019s wealthiest countries. \u201cCertainly the end of the Empire of Add-Ons, with effective pay equity, so necessary for valuing public servants and for the effectiveness and dignity of public service, will be more effective and swift,\u201d he wrote.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

02\/25\/2026<\/p>\n

 <\/p>\n

PRIVATE EQUITY INVESTMENTS JUMP IN BRAZIL DESPITE SLOW EXITS<\/u><\/strong><\/p>\n

Braskem control deal boosts 2025 volumes to R$50.1bn as IPO window remains shut<\/em><\/strong><\/p>\n

 <\/p>\n

Driven by the transaction that transferred control of Braskem to restructuring-focused asset manager IG4, private equity funds increased allocations in 2025, even as exit routes remained weak with another year of a virtually closed IPO market on Brazil\u2019s stock exchange.<\/p>\n

 <\/p>\n

In total, 89 investments were completed last year, reaching R$50.1 billion, data from the Brazilian Private Equity and Venture Capital Association (Abvcap) shared with Valor show. A year earlier, there were 72 transactions totaling R$13.3 billion.<\/p>\n

 <\/p>\n

The Braskem deal, under which IG4 will acquire shares held by creditor banks, is still pending approval from Brazil\u2019s antitrust authority, the Administrative Council for Economic Defense (Cade).<\/p>\n

 <\/p>\n

The transaction skews the data, accounting for roughly R$20 billion of the total. Even excluding the deal, however, investment volume more than doubled last year.<\/p>\n

 <\/p>\n

Limited exits<\/p>\n

 <\/p>\n

On the divestment side, the narrow IPO window curbed stake sales. In 2025, divestments totaled R$9.42 billion, close to the R$10 billion seen in 2024, a year that was already considered weak.<\/p>\n

 <\/p>\n

Last year, block trades emerged as an alternative exit route, though limited to already listed companies. The strategy was used, for example, by CPP to sell stakes in shopping mall operator Allos and fashion retail group Azzas, and more recently by P\u00e1tria Investimentos in the sale of its stake in gym chain Smart Fit.<\/p>\n

 <\/p>\n

Beyond Braskem, another major private equity deal was the sale of data center company OData to U.S. asset manager BlackRock and Abu Dhabi-based investment firm MGX. A consortium of funds acquired education group Salta in another notable 2025 transaction.<\/p>\n

 <\/p>\n

The acquisition of corporate travel agency Voll by Warburg Pincus and the purchase of transmission lines from EDP by Actis were also among last year\u2019s key deals.<\/p>\n

 <\/p>\n

Outlook for 2026<\/p>\n

 <\/p>\n

Industry executives expect a more favorable environment for divestments in 2026, supported by improved asset prices and stronger market conditions, as well as renewed foreign interest driven by global portfolio rotation.<\/p>\n

 <\/p>\n

As funds sell assets, they gain more room to raise fresh capital. The prospect of lower interest rates also supports this view.<\/p>\n

 <\/p>\n

Priscila Rodrigues, president of Abvcap, said funds with dry powder seized buying opportunities, but difficulties in exiting investments have hurt fundraising.<\/p>\n

 <\/p>\n

She noted that private equity funds remain active in Brazil because their focus, beyond being long term, is more attentive to \u201cmicro issues.\u201d More recently, she said, the temperature gauge has shown an increase in negotiations for new investments, including more due diligence processes.<\/p>\n

 <\/p>\n

Rodrigues added that the \u201cspecial situations\u201d strategy has gained traction during years of high interest rates. The Braskem transaction itself fits that profile.<\/p>\n

 <\/p>\n

For this year, she sees a trend toward more deals but stressed that 2026 is a \u201cshorter year,\u201d due to both the World Cup and Brazil\u2019s election calendar.<\/p>\n

 <\/p>\n

Focus on \u2018micro\u2019<\/p>\n

 <\/p>\n

Bruno Maimone, head of Brazil operations at Warburg Pincus, said that this focus on the \u201cmicro\u201d allowed the firm to post a strong year in the country, both in investments and exits. The strategy has been to tilt the portfolio toward technology and financial services companies. \u201cAt the micro level we were able to find good companies,\u201d he said.<\/p>\n

 <\/p>\n

The firm\u2019s main investment in 2025 was a R$700 million check into Voll. Its key divestment was the sale of its stake in Salta.<\/p>\n

 <\/p>\n

In 2026, the natural course will be for Warburg Pincus to focus on existing portfolio companies, especially after completing a major transaction, Maimone said. Even so, the firm will remain active. \u201cWe have capital to allocate and will look at new investments.\u201d<\/p>\n

 <\/p>\n

Luis Felipe Cruz, a partner at P\u00e1tria Investimentos, said the sale of the Smart Fit stake this week closed a successful investment cycle. He sees a more positive environment for divestments, supported by improved sentiment toward Latin America and the expected decline in interest rates this year.<\/p>\n

 <\/p>\n

Anderson Brito, head of investment banking at UBS BB, said there have been many discussions involving both international and local funds. \u201cThey are very active,\u201d he said.<\/p>\n

 <\/p>\n

For international fund managers, including large sovereign wealth funds, portfolio reallocation toward emerging markets has also become a relevant theme, which tends to benefit Brazilian assets.<\/p>\n

 <\/p>\n

\u201cThe environment of persistent uncertainty in developed markets has increased the weight of diversification,\u201d he said.<\/p>\n

 <\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com<\/a><\/p>\n

 <\/p>\n

____________________________________________<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

NEWSLETTER February 2026   02\/05\/2026   CABO VERDE MINERA\u00c7\u00c3O FINDS NEW RARE EARTHS AREA IN MINAS GERAIS Company seeks international partners to fund processing complex   Cabo Verde Minera\u00e7\u00e3o, a Brazilian company based in Belo Horizonte, has identified a new target area for rare earth extraction. 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