https://www.miningweekly.com

Chile mining royalty bill progresses after committee approves

5th January 2023

By: Bloomberg

  

Font size: - +

SANTIAGO - A Chilean congressional committee approved on Wednesday a controversial mining royalty bill, putting it a step closer to final approval as part of the government's sweeping tax reform.

The proposal, strongly criticized by the industry, was presented in the middle of 2022 by the government to increase royalties on copper sales in Chile, the world's largest producer of the metal.

Following approval Wednesday by the mining and energy commission, the bill passes to a Treasury commission, where it will again be reviewed and need approval before it goes to a final vote.

Nonetheless, there continues to be disagreement over some aspects of the bill.

"The tax rate is a formula that has not convinced all of us," said Senator Loreto Carvajal, president of the mining commission, during the session. "The issue of our future competitiveness in relation to nearby countries and others is still pending," she added.

The government modified the bill in October, proposing a fixed sales royalty of 1% for large miners and removing provisions that linked payments to copper prices. The mining industry welcomed the change, but said the tax burden remained too high.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
ECG Engineering
ECG Engineering

ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.042 0.684s - 111pq - 2rq
Subscribe Now