Skip to content

Copper Producers Step Up Campaign Against Chile Royalty Proposal

  • Anglo indicates it needs greater regulatory clarity to invest
  • Lundin executives see tax bill as a starting point for talks
A copper mine near Calama, Chile.
A copper mine near Calama, Chile.Photographer: Cristobal Olivares/Bloomberg

Copper producers are pushing back on Chile’s proposed tax overhaul, with Anglo American Plc indicating it needs greater regulatory clarity before proceeding with major investments.

The tax package presented by the administration of President Gabriel Boric earlier this month would increase the effective tax rate by 10% to 15%, Stephen Pearce, London-based Anglo’s head of finance, said on an earnings call Thursday. That could lift the statutory rate to 46% to 56%, he said.