BRAZIL · MINING
Matthew Simpson, chief executive of Brazil Potash, a developer of a planned fertiliser mine in the Amazon, was quoted in Brazilian news reports of a fertiliser seminar on Wednesday 11 November 2026 as saying that Brazil’s interest rate makes investing in the country unfeasible. The rate he criticised, the Selic, stands at 13.75%, according to the Central Bank of Brazil.
For US readers, the comment comes from the head of a company listed on NYSE American under the ticker GRO. He said the government should help finance such projects.
Key Facts
- Who Matthew Simpson, chief executive of Brazil Potash, which plans a potash mine in Amazonas state.
- What Brazilian news reports quote him at a Brasília fertiliser seminar saying the interest rate makes investing in Brazil unfeasible.
- Rate The Selic has been 13.75% since 17 September, down from 15% in January.
- Ask Simpson wants the government to help finance mining projects, citing Canada and the United States.
- Prediction markets Polymarket gives a 90.5% chance that Brazil’s central bank leaves the Selic unchanged in December (11 November, 12:44 p.m. ET).
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
What the Chief Executive Said
Simpson argued that mining projects of this size are not viable without cooperation from the public sector and from domestic capital. He pointed to Canada and the United States, where governments put billions of dollars into securing the construction of such projects.
Brazil Potash leads the Autazes potash project in Amazonas state. Simpson said the company aims to raise funds over the next four and a half years to build Autazes, which the company has put at a cost of about US$2.5 billion.
What the Rate Looks Like
The Selic is the benchmark rate set by the Central Bank of Brazil’s Monetary Policy Committee, known as Copom. It stood at 15% on 1 January 2026 and was cut by a quarter of a point five times from March, most recently with effect from 17 September.
Copom left the rate at 13.75% at its meeting on 4 November, so borrowing stays costly for any project that depends on loans. Potash, a salt rich in potassium used as crop fertiliser, is a product Brazil’s farmers mostly buy abroad.
Live Market IntelligenceBrazil — Live Market Board
Rio Times · Live Market Intelligence
Brazil — Live Market Board
+0.66%
172,470.78
+0.66%
71,905.78
+0.05%
10,595.42
-0.02%
2,848,945
—
2,483.24
-1.77%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,470.78 | +0.66% | +9.35% | 171,336.99 | 172,987 | 171,335 | — |
| USD/BRL | 5.56 | -0.38% | +5.14% | 5.58 | 5.59 | 5.55 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 44.08 | -1.94% | +32.77% | 44.95 | 44.52 | 43.30 | 44,998,100 |
| VALE3 | 64.55 | -0.39% | -0.65% | 64.80 | 65.47 | 64.16 | 7,313,200 |
| ITUB4 | 41.70 | +1.21% | +4.20% | 41.20 | 42.09 | 41.55 | 7,926,800 |
| BBDC4 | 14.52 | -0.14% | -25.65% | 14.54 | 14.82 | 14.46 | 22,621,300 |
| BBAS3 | 17.09 | -0.06% | -27.23% | 17.10 | 17.31 | 17.03 | 15,605,000 |
| B3SA3 | 14.80 | +2.21% | +9.39% | 14.48 | 14.92 | 14.59 | 20,714,600 |
| ABEV3 | 15.79 | +0.00% | +16.26% | 15.79 | 15.88 | 15.74 | 13,419,800 |
| WEGE3 | 51.84 | +1.75% | +12.43% | 50.95 | 52.00 | 50.95 | 6,202,400 |
| PRIO3 | 61.77 | +2.92% | +53.00% | 60.02 | 61.99 | 60.50 | 13,356,700 |
| SUZB3 | 54.36 | -0.18% | +16.80% | 54.46 | 54.64 | 54.06 | 3,707,600 |
| RENT3 | 30.26 | +1.58% | -30.03% | 29.79 | 30.77 | 29.93 | 4,969,700 |
| AZZA3 | 15.17 | +2.99% | -47.27% | 14.73 | 15.45 | 14.74 | 1,930,700 |
| CSNA3 | 4.43 | +1.14% | -46.57% | 4.38 | 4.50 | 4.38 | 9,140,800 |
| GGBR4 | 25.20 | -2.44% | +33.33% | 25.83 | 25.81 | 25.07 | 2,359,500 |
| ENEV3 | 27.30 | +0.92% | +41.47% | 27.05 | 27.66 | 27.05 | 2,693,300 |
Where the Shares Trade
Brazil Potash’s shares trade on NYSE American under the ticker GRO. The company’s Brazilian depositary receipts, certificates that represent foreign shares, trade on the São Paulo exchange B3 as GROP31.
What Prediction Markets Say
Polymarket, where users trade real-money bets, gave a 90.5% chance that Copom leaves the Selic unchanged at its December decision, as of 12:44 p.m. ET on 11 November. About US$70,000 has been traded across all outcomes of the December event, so it is thinly traded.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What It Means for You
For holders of GRO shares or the Brazilian receipts, the remarks show that the cost of money is a live issue for the project. Brazil’s farmers still buy most of their potash abroad, which is the gap the project aims to fill.
The next test is Copom’s decision on Wednesday 9 December, which will show whether borrowing costs keep easing. A cut would ease the borrowing costs Simpson criticised, while a hold would leave them unchanged.
Our reports on the central bank’s latest minutes and on economists’ forecasts for the Selic explain why rates are expected to stay high. Our guide to Brazil’s critical minerals covers the wider mining picture.
What Is Not Known
We found no response from the Brazilian government or the central bank to Simpson’s remarks. It is also not known whether the company is in talks with BNDES, Brazil’s national development bank, or other public lenders.
Frequently Asked Questions
What did the Brazil Potash CEO say about interest rates?
Brazilian news reports quote Matthew Simpson, on 11 November 2026, saying that Brazil’s interest rate makes investing in the country unfeasible. He called for government help to finance mining projects.
What is the Selic rate?
The Selic is the benchmark interest rate set by the Central Bank of Brazil. It has been 13.75% since 17 September 2026.
What is the Autazes project?
Autazes is a planned potash mine in Amazonas state run by Brazil Potash. The company has put its construction cost at about US$2.5 billion.
Where can US investors buy Brazil Potash?
The company’s shares trade on NYSE American under the ticker GRO. Its Brazilian depositary receipts trade on B3 in São Paulo as GROP31.
Sources: Central Bank of Brazil, Selic target series (api.bcb.gov.br, series 432) and Copom decisions (bcb.gov.br); remarks by Matthew Simpson, chief executive of Brazil Potash, at a Brasília fertiliser seminar, 11 November 2026 (as quoted in Brazilian news reports); Brazil Potash investor relations and company website (ir.brazilpotash.com, brazilpotash.com); Polymarket market data, 11 November 2026, 12:44 p.m. ET (polymarket.com).
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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