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Government Presents New Mining Royalty Bill, BCCh Minutes Due Thursday

CHILE
  • On Tuesday, BCCh President Rosanna Costa said that domestic inflation has started the process of decline, also noting that adjustments to Chile’s economy are underway with the central bank wanting adjustments to be orderly and fast.
    • Today, Costa is expected to speak to reporters about the bank’s household finances survey.
  • Chile’s government presented a bill to the Senate’s Mining and Energy committee that “significantly reformulates the mining royalty bill,” the finance ministry said in a statement.
  • The original bill, introduced in July, was criticised by global miners BHP and Antofagasta, which said it would affect competitiveness and investment in Chile.
  • The amended proposal, announced by the finance and mining ministers, would impose a flat-rate ad valorem tax of 1% on large-scale copper miners.
    • Estimate is that mining royalty will help collect an additional 0.6% of GDP, 0.46% of GDP from the new structure and the other 0.15% resulting from growth in production and costs.
  • BCCh minutes will be published Thursday, which may provide further clarity on why officials decided to announce the end of tightening cycle amid ongoing inflationary pressures.
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