Eight companies have come together to establish the Brazilian Critical Minerals Association (AMC), which was officially launched during an event in Brasilia on 25 November. The association aims to accelerate the development of Brazil's high-potential but slowly-progressing critical minerals market. Argus spoke with Marisa Cesar, president of AMC's board and director of government affairs at PLS Brasil — one of the founding companies — to gain a deeper understanding of the group's objectives and scope. Edited highlights follow.
Who are the founding companies of the AMC?
The eight founding companies comprise two graphite producers, Graphcoa and Graph+; two nickel companies, Atlantic Nickel and Centaurus; three rare earth firms, Viridis, Aclara, and Meteoric; hard-rock lithium miners PLS and Lithium Ionic and the law firm FBedran.
What were the main triggers for the creation of AMC?
We started maturing the idea to create a critical minerals association about five months ago to unite companies in the critical minerals sector — mostly junior companies — and to combine efforts and address key challenges in financing, environmental licensing, and governance.
For junior miners, securing funds is extremely difficult because banks and investment funds demand guarantees that non-producing companies simply cannot provide.
Even projects approved by [Brazil's development bank] Bndes often stall because it also needs collateral. Off-take agreements are one way to unlock financing, but access to domestic credit, especially through Bndes, remains essential to attract domestic investment.
The second challenge is environmental licensing. The process is outdated and slow, with approvals sometimes dragging on for years. Companies that anticipate additional requirements and invest heavily in studies, as PLS did, can shorten timelines. But this approach is costly and not scalable.
Without clearer, more efficient licensing rules, Brazil risks missing the critical minerals opportunity it has today.
The third issue is governance. Political and economic instability, combined with fragmented state-level regulations, makes investors nervous.
Whether the uncertainty comes from domestic politics or geopolitical pressures, it creates risk perceptions that deter capital. If Brazil wants to position itself as a leading global player in critical minerals, these structural problems must be addressed.
Our mission is to expedite the development of the critical minerals' industry in Brazil.
How does AMC plan to differentiate itself from the Brazilian mining institute Ibram?
The AMC was designed to complement, not compete with, Ibram. While Ibram facilitates general industry-government dialogue, we will look to provide technical, research-driven support by producing detailed analyses of global mineral supply chains, mining and processing technologies, investment environments in other countries, and policy recommendations.
We're working to show how Australia and Chile, for instance, support mining with specific incentives, like tax exemptions for 10 years. When the government sees the competition internationally, they better understand what Brazil needs to do.
The AMC aims to deliver all the groundwork in a structured way, which facilitates the ministries' decision-making and accelerates public policies.
Ibram does not have the capacity to do such in-depth research, so that is where we come in.
What are the next steps to consolidate AMC's work and deliver concrete results, particularly for small, early-stage companies focused on exploring and discovering new mineral deposits?
AMC continues to work on its three core fronts: financing, environmental licensing and governance.
A key achievement was securing a seat for AMC, as an institution, in the federal critical minerals working group, alongside the participating companies.
A major priority is addressing the financing bottleneck affecting junior miners, which struggle to access capital because of the lack of collateral. To solve this, AMC is exploring the creation of a "guarantee fund", possibly combining contributions from major industry participants, Bndes and financial institutions — national and international — to share risk.
This mechanism would allow junior miners to raise the capital needed for exploration and project development, including from foreign investors, who often hesitate due to slow permitting and governance uncertainties.
AMC also engages with the ministry of finance, the treasury, and other stakeholders to propose policy solutions that facilitate investment.
The association's approach emphasizes technical documentation, research, and evidence-based recommendations, ensuring faster government decision-making.
What does AMC aim to achieve in the next 5–10 years?
This is the beginning of a long journey. AMC aims to become a major association with both national and international representation, positioning Brazil as a global leader in critical minerals.
In five years, we expect AMC to be well-established and fully operational, and within 1-1.5 years, to have a structured framework for its activities fully aligned with its mission.
Are there any other companies slated to join the AMC?
Yes. Vale Base Metals (copper), CBMM (niobium), Sigma Lithium and CBL (lithium) are some of the companies that are going over the admission process. There are also several others at an earlier stage.
