Matéria publicada na revista Brasil Mineral – nº 352- Junho de 2015 – Página 48
Helcio Takeda, Valdir Farias
A atividade de mineração, principalmente a de metais, exige elevada escala de operações. No jargão setorial, costuma-se dizer que tudo é grande. Essa característica técnica e econômica peculiar dessa indústria acaba levando governos e legisladores a focarem seus esforços nos gigantes, tanto para a regulação dos mercados quanto para a promoção da competitividade. Isso faz com que, em muitos países, os governos sejam incapazes de perceber o potencial transformador dos pequenos negócios nessa área, ainda que, comparativamente a outros setores, não sejam tão pequenos assim.
Em particular, é relevante o papel das chamadas “junior companies” no desenvolvimento dos mercados minerários. São empresas que, diferentemente das mineradoras tradicionais, não constroem nem operam minas, situando-se um passo atrás na cadeia produtiva. Realizam investimentos de alguns milhões de dólares em pesquisa geológica, com a avaliação científica da área do corpo mineral e do teor do minério de descobertas inicialmente prospectadas.
Os valores são muito pequenos quando comparados aos bilhões de dólares de investimentos realizados pelas grandes mineradoras. No entanto, pela independência e flexibilidade, as junior companies são responsáveis por descobertas de potenciais de mercado, seja através da identificação de jazidas minerais de relevante característica para exploração ou pela identificação de unidades mineradoras fora de operação, mas que se tornam viáveis graças às condições mercadológicas.
A pesquisa geológica encampada por uma junior company permite a realização de um estudo de pré-viabilidade, com projeções iniciais de investimentos e de custos de extração do mineral, além dos subprodutos que podem ser obtidos na jazida a ser explorada. Por exemplo, em uma mina de cobre podem ser encontrados zinco ou molibdênio, ou até mesmo metais preciosos, como ouro e prata.
Considerando os preços de mercado vigentes e algumas hipóteses, a junior company obtém uma estimativa do valor da reserva mineral. Se valiosa, a extração mineral da reserva vai demandar volumes significativos de capital. É comum, neste caso, a venda a um investidor estratégico, normalmente uma grande empresa do setor. Alternativamente, poderá acessar o mercado de capitais, seja pela abertura de capital (IPO), seja pela emissão de dívida, para financiar a extração, fechando um ciclo que pode levar mais de uma década.
As junior companies têm o papel de embrião do 48 mercado da mineração, ou seja, são responsáveis por atividades como a descoberta de jazidas, pesquisa técnica para avaliação da jazida descoberta, trâmites burocráticos e avaliações de economicidade. De maneira simplista, pode-se dizer que essas empresas têm o papel de transformar oportunidades em negócios. Trata-se, portanto, de vetor importante na criação de empresas competitivas, com elevado potencial de aumento da produtividade setorial.
Na verdade, as junior companies constituem uma espécie de venture capital do setor minerário, com apetite maior para o risco (proporcionalmente ao capital necessário) do que as grandes empresas que atuam no setor. Quebrando-se a cadeia, e repassando a atividade de exploração às junior companies, distribui-se melhor o risco da atividade de mineração, azeitando o seu funcionamento.
Ademais, essas empresas contribuem para a pesquisa geológica. A Companhia de Pesquisa de Recursos Minerais (CPRM), autarquia do setor público, assim como algumas outras entidades públicas, têm orçamento e capacidade limitada para suas atividades. Ampliando-se o espaço para junior companies, amplia-se também o nível de informação sobre a disponibilidade mineral no Brasil, sem o consumo de recursos públicos bastante escassos. Somente as junior companies canadenses investem no Brasil volumes bem superiores aos da CPRM. Evidências anedóticas sugerem que tais empresas investiram em apenas um ano o equivalente ao triplo do investimento realizado pela CPRM em dez anos. Além das canadenses, existem junior companies australianas e europeias com investimentos no país. Seria ótimo viabilizar empresas brasileiras nessa atividade. Certamente, a ampliação na atuação das junior companies de qualquer nacionalidade contribuiria para acelerar o processo de padronização das informações da pesquisa geológica – se aproximando dos padrões internacionais, como por exemplo o JORC (Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves).
Apesar das dificuldades de operacionalização de tais empresas no mercado brasileiro, vemos importantes iniciativas em operação, bem como podemos identificar alguns resultados positivos. O caso da Yamana Gold é interessante. Uma pequena empresa canadense de mineração, que iniciou suas atividades no Brasil em 2003, adquirindo, dentre outras, a “Fazenda Brasileiro”, uma mina de ouro de propriedade da Vale, e com recursos captados através da abertura de capital na Bolsa de Valores de Toronto. Hoje, doze anos depois, é uma das maiores empresas internacionais de mineração de ouro, além de ser importante produtor de cobre no país.
Dado o enorme risco envolvido, o estímulo à atividade de pesquisa geológica exige grande segurança institucional, ou seja, regras transparentes que viabilizem o trabalho de pesquisa e desenvolvimento, oferecendo previsibilidade e garantia dos direitos subjacentes. No entanto, o Projeto de Lei (PL), em tramitação, do Novo Código de Mineração peca pela ausência de regras que possibilitem a atuação das juniores. Em especial as seções I e II do Capítulo III do PL, que tratam da licitação e da chamada pública e do contrato de concessão, contêm artigos que aumentam o custo e, portanto, o risco de se investir em pesquisa geológica. Além disso, é também relevante a previsão de intervenções “subjetivas” do governo, realizadas sob um argumento de suposta proteção do interesse nacional. Estas personificam um cenário instável, em uma atividade marcada por altos riscos, elevado investimento e longo prazo de maturação. Constitui, assim, fonte de desestímulo.
O reconhecimento de que as junior companies constituem segmento de pequeno porte, mas de alto impacto na cadeia produtiva, pode levar a importantes aprimoramentos no processo legislativo que está definindo o novo marco regulatório do setor. É preciso aprimorar a ligação entre o desenvolvimento de áreas e os instrumentos de mercado de capitais, justamente na linha oposta à que vem apontando o Projeto do Novo Código. Em particular, há uma tendência de um maior peso estatal nas reservas, o que desincentiva a pesquisa. Isso tende a proteger as grandes mineradoras, inviabilizando o ambiente de “estímulo à concorrência e à participação do setor privado na atividade de mineração; ” – que foi definido no art. 1º do Capítulo I do Projeto de Lei em tramitação.
Helcio Takeda, economista, é Head de Mining & Metals na Pezco Microanalysis.
Valdir Farias, economista, é Diretor-Executivo na Fioito Consultoria.
BRASIL MINERAL – nº 352- Junho de 2015
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