Miner BHP may reconsider investments in Chile if tax hikes go forward Chile mining royalties tax legislation copper
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 materializes, we would have to reevaluate our investment plans for Chile.
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.
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