Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties required by a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday. A long-awaited mining reform approved by Chilean lawmakers in May requires large copper producers to pay more taxes and royalties to the government.
SANTIAGO – Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties required by a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday.
Global mining companies such as BHP, Anglo American and Glencore are among those whose cash flows will be strained by the reform, Fitch said. However, Fitch noted that "difficulties related to obtaining environmental permits will likely lead to a period in 2024 where no new projects come online, after the completion of Quebrada Blanca this year."
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