RIO DE JANEIRO, July 7. /TASS/. The cancellation of authorization procedures in export of lithium and its derivatives from Brazil is expected to attract foreign investment worth more than $2.76 bln to the Latin American country by the end of this decade, according to its Ministry of Mines and Energy.

"This measure facilities the opening and speeds up the [development] of the Brazilian lithium market for Brail to build into global chains on the basis of competitiveness and attracting investments in science and mineral production, as well as for the development of production capacities in treatment [of the metal], the production of components and batteries," according to a respective presidential decree published on the ministry’s website on Wednesday. "Considering better predictability and better competitive conditions on the global market," the ministry expects investment to be attracted in sustainable development of one of the poorest regions of Brazil from the economic viewpoint, the valley of the Jequitinhonha [river], the state of Minas Gerais, where the main known deposits of lithium in the biggest state of the South American continent are located. "As Brazil’s lithium production increases the proposed amount of investment will exceed 15 bln reais (over $2.76 bln at the current exchange rate - TASS) to the region by 2030," the press service said.

According to the presidential decree published in the official journal of the Latin American republic, the Diario Oficial da Uniao, on Wednesday, the requirements to obtain a preliminary permit of the National Commission for Nuclear Energy (CNEN) for export of this type of products that were previously in force will be cancelled.