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The World’s Top Copper Nation Moves Closer to Giant Tax Hike

  • Lower house approved progressive rates as copper prices rise
  • Opposed by the government, the bill now passes to senate
mine truck chile
Photographer: Cristobal Olivares/Bloomberg
Updated on

Chile’s lower house approved introducing progressive taxes on copper sales in what could become one of the heaviest levies in global mining, potentially stalling investments and boosting prices.

Lawmakers, who had already approved a bill to introduce a flat 3% on sales of both copper and lithium, on Thursday voted 78 to 55 to add a mechanism of marginal rates as copper prices rise, with the highest bracket set at 75%.