• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Royalty bill will put Chile’s private miners out of business, trade group says

4 years ago
in Business, highlights, Home, home-news, latest News, Mining
1 min read
0 0
0
50
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Royalty bill will put Chile’s private miners out of business, trade group says

Chile’s sprawling mining sector believes a royalty bill under discussion in Congress could shut down the country’s private miners as currently written, a senior mining executive told lawmakers on Wednesday.

The controversial legislation has gained momentum this year as prices of the red metal – critical for its use in construction and automaking industries – have soared amid a nascent global recovery following the coronavirus pandemic.

The bill, approved by the Chamber of Deputies and now under review in the Senate, would slap a 3% royalty on sales of copper that would increase sharply alongside rising prices.

Diego Hernández, president of the National Mining Society (Sonami) – an umbrella group for Chile’s mining sector – said in a presentation Wednesday to Senators that the rates under consideration “are exaggeratedly high … in practice it would make private mining impossible.”

Hernandez said the bill was also regressive “since it affects less competitive mines most and does not account for the for the heterogeneity of Chilean mines.”

Read: Price decline in MTN causes the GSE-CI to slip by 20.65 points

RelatedPosts

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

Chile, the world’s top copper producer, has a vast array of copper mines of varying sizes, productivity and ages, complicating the task of creating a tax scheme that does not unfairly disadvantage one over the other.

Proponents of the bill nonetheless say proceeds from the proposed royalty are urgently needed to underwrite social programs for Chileans suffering from the coronavirus pandemic.

The administration of center-right President Sebastian Pinera has warned of the potential economic and unemployment-related impacts of the bill, and has questioned its validity, saying it believes such legislation must originate from the executive branch.

Source: mining.com
Via: norvanreports
Tags: COVID-19 pandemicPresident Sebastian PineraRoyalty bill will put Chile’s private miners out of businesstrade group says
No Result
View All Result

Highlights

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

Gold Fields Projects 236% Rise in H1 Profit on Strong Output and Record Gold Prices

Price, Power, and Policy: A Legal and Economic Examination of the DSTV Pricing Dispute in Ghana

GCB Bank Honoured for Excellence in Project Delivery at 2025 PMEA

Top 10 African Countries With The Highest Borrowing Costs in 2025

Trending

Features

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

August 5, 2025

Lewis Hamilton's Future at Ferrari in Question After Tough Hungarian GP Lewis Hamilton's tumultuous start at Ferrari...

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

August 5, 2025

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

August 5, 2025

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

August 5, 2025

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

August 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.