Sneak Preview: Mergers & Acquisitions in Mining Tech with Ivan Gustavino
In this sneak preview, Ax Legal’s Managing Partner Cody McFarlane speaks with Ivan Gustavino, Managing Director at Atrico, who has advised over 100 high-growth companies in mining, industrial tech, and software. With M&A activity heating up, Ivan breaks down what investors and buyers really look for in mining technology companies today.
Industrial technology and engineering companies go where the projects are, whether that’s a copper mine in Peru’s southern Andes, a lithium operation in the Atacama or an offshore field in Brazil. Winning that first contract in a new country is exciting. But the way you deliver it, who you send, how long they stay and what they’re authorised to do, can create tax obligations you never planned for..
Every company in Brazil pays corporate tax under one of two systems: Lucro Presumido or Lucro Real. You choose. The problem is that nobody told you or even asked about which of Brazil’s two corporate tax regimes that you wanted to be part of. No one ran the numbers because you didnt know and now your locked into a system for the next 12 months.
Mining companies are increasingly looking for technologies to help transform their operatoons. Much of the specialist knowledge and advanced technology required to support this transformation still comes from outside Brazil. For foreign companies unfamiliar with the Brazilian system, the import process can appear difficult and expensive but with the right guidance it can be managed helping companies to enter one of the largest mining markets in the world.
Brazil is a complex market, and winning work from a Brazilian mining client is only the first challenge. The harder part is often getting your people, equipment, and technology approved and ready to operate on site. Our latest blog helps foreign mining suppliers understand the mobilization process and the key steps required before starting work on a mine site in Brazil.
Brazil’s tax reform presents both challenges and opportunities. In the short term, the country’s tax system will become more complex as businesses navigate both the existing tax structure and the new VAT-based model. However, in the medium to long term, Brazil will become more predictable and aligned with global standards, making it an increasingly attractive destination for foreign investment.
From May 2026, NR-1 becomes more demanding in practice, with a clear focus on psychosocial risks. Companies are now expected to address issues like stress, burnout, and workplace pressure in the same structured way as physical risks. In simple terms, this moves NR-1 away from a paperwork exercise and into something that needs to work in day-to-day operations.
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