- Write by:
-
Monday, July 18, 2022 - 17:22:12
-
465 Visit
-
Print
Mining News Pro - Global miner BHP Billiton is likely to reconsider its investment plans in Chile, the world’s No. 1 copper producer, if the government moves ahead with mining tax hikes, according to a report on Sunday.
The company was quoted by El Mercurio newspaper as saying in a statement that higher taxes would make Chile more expensive than other top mining jurisdictions like Australia, Canada and neighbouring Peru.
“We have serious concerns with regards to the new royalties,” the company said. “If the proposed royalty (hike) materializes, we would have to reevaluate our investment plans for Chile.”
BHP did not immediately respond to a request for comment.
BHP is a major player in Chile, where it operates the world’s largest copper mine, known as Escondida. In April, BHP said it was willing to invest another $10 billion in Chile over the years, but only if the regulatory and fiscal conditions were appropriate.
Chilean Finance Minister Mario Marcel has said that raising mining royalties is his “priority number one” and the top goal of the left-wing administration that was inaugurated earlier this year. The government wants to use the tax income to fund social programs.
The tax reforms, which also include a wealth tax on high earners among other provisions, aim to raise 4.1% of GDP over four years, with 0.7% going to a new guaranteed minimum pension fund.
Other global miners operating in Chile include Glencore, Anglo American, Freeport McMoRan and Antofagasta.
Short Link:
https://www.miningnews.ir/En/News/621768
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
No comments have been posted yet ...