BHP said in a statement that higher taxes would make Chile more expensive than other top mining jurisdictions like Australia, Canada and Peru.
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. 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.
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.
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