(Reuters) – Chile’s government yesterday amended a proposed mining royalty bill that drew criticism from miners, removing provisions that assessed higher rates for larger miners and linked payments to copper prices, while implementing a flat 1% ad valorem tax rate for large producers.
The original bill, introduced in July, was criticized by global miners BHP BHP.AX and Antofagasta ANTO.L who said it would affect competitiveness and investment in Chile, the world’s largest copper producing nation.
The amended proposal, announced by the finance and mining ministers, would impose a flat-rate ad valorem tax of 1% on large-scale copper miners that extract more than 50,000 tonnes per year.
