ANFGF - Chile copper tax could jeopardize 1M tons of future production Goldman says

Legislation pending in Chile's senate bill to raise royalties on mining companies would put at risk more than 1M metric tons of annual copper production, Goldman Sachs says.The bill would impose a royalty as high as 75% on sales of copper, as prices rise to pay for social programs during the COVID-19 pandemic.Goldman says more than half of foreign-owned copper mines in Chile have tax stability agreements that expire in 2023, which would limit exposure to the bill in the short term but future mine development would be in jeopardy.Given the extent of their exposure to the Chilean market, Goldman says [[BHP]], Anglo-American (AAUKF), Antofagasta (ANFGF) and Lundin (LUNMF) likely would suffer the biggest hits in 2024.The tax would imperil at least eight projects, including expansions at the Escondida and Spence mines, representing ~4% of global copper mine supply, the firm says.Freeport McMoRan CEO Richard Adkerson says he sees copper scarcity

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Chile copper tax could jeopardize 1M tons of future production, Goldman says