, Columnist
Miners Run Into Post-Covid Political Shakeups
Populism and calls for social justice: Producer nations want a better deal as prices soar. It’s poor news for future supply.
Peruvian presidential candidate Pedro Castillo proposes raising taxes on mining.
Photographer: Miguel Yovera/BloombergThis article is for subscribers only.
The world’s top copper-producing nation has long been one of the most reliable mining jurisdictions. Yet lawmakers in pandemic-scarred Chile’s lower house have just approved a progressive royalty on copper sales so onerous that it is described by miners as “akin to expropriation.” Constitutional changes afoot could also mean tighter rules on water, glacier protection and mineral and community rights.
Digging up the green economy’s favorite metal is about to get a lot costlier.