(Bloomberg) — Chile’s lower house approved a proposed royalty on copper and lithium sales as lawmakers seek a bigger contribution from some of the world’s top producers toward social and environmental projects.
The proposal, which was introduced in 2018 by opposition lawmakers and has gained momentum amid rallying metal prices, will go back to committees after some representatives sought modifications. The bill has yet to pass through senate.
A 3% tax on copper and lithium produced by companies such as BHP Group and Albemarle Corp. would fund regional development projects, responding to the rising social and environmental standards of investors and supply chains.
Countries around the region are also looking at new revenue sources to help citizens recover from the pandemic.
“This is a landmark bill,” Christian Democrat Deputy Ivan Flores said. “It’s part of what our country needs — greater economic and social justice and an end to privileges that big companies have had.”
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