The mining code for Brazil that was first announced in 2009 as a flagship policy of President Dilma Rousseff is unlikely to be passed before next year, if at all.

Reuters reported that if the government changes in upcoming elections, the entire plan could be ditched. Because of the impasse some projects have been delayed others have rushed to lock in current terms, and some miners have avoided the country altogether.

Mining is a vital part of Brazil's economy, accounting for about a third of exports. The saga over this law comes when the sector is already out of favor due to concerns of a slowdown in China.

Industry group IBRAM estimated last year Brazil had missed out on 20 billion reais ($8.89 billion) of investment due to the uncertainty surrounding the code.

A resolution remains far off, according to the world's largest exporter of iron ore, Brazil's Vale.

"I don't think even the politicians can predict how long it will take given there are still so many stages," Vale chief executive officer Murilo Ferreira told reporters on a call last month.

The code is currently with the lower house of Brazil's Congress. It will then be passed to the Senate, where if any changes are made it will have to return to the lower house. When a consensus is reached it moves to the president to be made law.