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Copper Royalty Vote Postponed Until May

CHILE
  • The government in Chile has failed to garner enough opposition support to push through a modified copper royalty bill, with a Senate vote pushed back from this week until May, La Tercera reported.
  • The push back comes after reports on Tuesday suggested that the government was confident it could smooth out differences with the country’s largest mining companies before a key vote in congress this week.
  • Talks between senators from the Chile Vamos coalition and the Finance Ministry failed to bring positions closer on a maximum effective tax rate for mining companies, the Santiago-based newspaper reported.
  • The Chilean peso outperformed on Tuesday, strengthening for the first time since Thursday, posting the third-biggest gain among emerging markets as sentiment improved following China’s stronger-than-expected growth and the approval of a $3 billion local mining project. Poorer global sentiment and the copper royalty vote delay could see these CLP gains unwind during today’s session.
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