Chile: 80% of Mining Industry Adopts Tax Hike

Source:

"Miners aid reconstruction following a devastating earthquake."

Over 80% of Chile's mining industry agreed to adopt a tax hike set by the state to help pay for reconstruction after a devastating earthquake, the government said on Wednesday.

Mining Minister Laurence Golborne said key mines owned by global multinationals have agreed to the tax hike.

"With this confirmation we have more than 80% of miners in terms of volume adopting the new tax system," Golborne said. "I expect that by Monday we will have more than 90% of miners accepting the tax."

Chile, the world's top copper producer, gave miners until Monday to accept the voluntary new royalty scheme that effectively raises their taxes if prices for copper CMCU3 increase.

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