Chile lower house approves rise in mining royalties

Chile's lower house approved in general a revamped bill to increase royalties paid by mining companies to raise $1 billion.

Chile lower house approves rise in mining royalties

 

Chile's lower house on Wednesday approved in general a revamped bill to increase royalties paid by mining companies to raise $1 billion to fund reconstruction after a massive earthquake, TV footage showed.

The measure must still pass an article by article vote, and a vote by the senate.

President Sebastian Pinera's government reworked the bill after its center-left opponents shot it down in July, in a major challenge to his legislative agenda. The new bill initially sets the royalty at 4 to 9 percent on mining sales and raises it to 5 to 9 percent starting in 2018.
 

Reuters

Last Mod: 16 Eylül 2010, 12:02
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