Chile’s government said it is open to further amend a controversial mining royalty bill expected to enter into force on next year, following mounting criticism of its impact on the industry’s competitiveness.
Finance Minister Mario Marcel said after the bill approval by the mining commission of the Senate, miners have requested certain modifications that do not alter the proposed law, but which could be included during the legislative stage.
As it stands, the proposed royalty has a hybrid nature as it combines an ad valorem component that would be applied to annual sales of copper and a variable element linked to the mining operating margin.
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