Minerals Council of Australia’s Post

Andrada Mining paid N$9,928 million in royalties in 2023 but did not pay corporate tax, while B2Gold Corp. paid N$169.5 million in royalties and N$1.212 billion in corporate tax. De Beers Group paid N$1.3 billion tax and N$2.2 billion corporate tax, while Dundee Precious Metals Inc. paid neither corporate tax nor royalties in 2023. Langer Heinrich Mine did not pay corporate tax and royalties, whereas Namdeb Diamond Corporation paid N$1.773 billion in royalties and N$112 million in corporate tax. Namibia's oldest gold mine, Navachab Gold Mine, paid royalties amounting to N$112.7 million but did not pay any corporate tax. Although Rosh Pinah Zinc did not pay corporate tax, the company honoured its royalties obligation of N$36.7 million. The oldest uranium mine, Rossing Uranium Mine, paid both corporate tax (N$339.9 million) and royalties (N$192.6 million), while the second biggest uranium mine, Swakop Uranium, managed to pay royalties of N$217 million and nothing in corporate tax. Trigon Metals, like Swakop Uranium, paid royalties of N$2.5 million and nothing for corporate tax. Walvis Bay Salt paid N$9.9 million corporate tax and N$2.3 million royalties. Chamber of Mines Namibia #NavachabGoldMine #corporatetax #royalties. Read the full story in this week's magazine on https://lnkd.in/dX83j-v2

RIO TINTO’S GLOBAL TAX AND ROYALTY CONTRIBUTIONS IN 2023 Rio Tinto, a diversified mining company, reported substantial tax and royalty payments totaling $8.5 billion worldwide in 2023, with the majority allocated to Australia, where it conducts nearly half of its global operations. Compared to the $10.8 billion paid in 2022, which included $1.5 billion in Australian corporate tax payments related to previous years, the 2023 figure reflects a decrease. In Australia, tax and royalty payments amounted to $6.6 billion in 2023, inclusive of $4.1 billion in corporate tax payments. Additionally, Rio Tinto disbursed significant sums in Canada ($601 million),…READ MORE HERE https://lnkd.in/dTfF4SBQ

Last week, we launched a deep-dive program to strengthen mining revenue collection in Peru. We met with various stakeholders in Lima, including officials in the mining, tax, and finance authorities. Together with our partners at OECD Tax, we will work with officials in key government bodies to help ensure Peru benefits financially from mining. This work will include technical assistance, advisory services, capacity building, and audit support. #Mining #Peru #Tax #Taxation

#DYK that Newmont paid $1.3 billion in taxes and royalties and an additional $9.8 billion in direct economic contributions in 2023? These contributions are an important source of income to national and local governments, particularly in countries where the mining and natural resources industries play a significant role in the national economies. If you’re curious to learn more about the taxes and royalties we pay and the impact they have, you can read our newly released 2023 Taxes and Royalties and Contribution Report here: https://lnkd.in/eYAHuxxt As a founding member of the EITI (Extractive Industries Transparency Initiative), we believe that greater transparency and accountability, as reflected in reports like this, are important to building trust and encouraging sustainable business practices. #Newmont #NewmontMoreThanGold #TaxReport #CorporateResponsibility

🌍 Exploring the Dynamics of Mineral Pricing in the Mining Industry! 🔍 Our latest article, "Determining the Price of Minerals: A Transfer Pricing Framework for Bauxite," sheds light on the complexities of mineral valuation in the mining sector, particularly focusing on bauxite. Understand the crucial role of accurate valuation for royalties and corporate taxes, and discover how the OECD's guidelines are shaping fair market practices. 💡 Delve into the intricacies of transfer pricing, the arm's length principle, and the unique challenges in setting the right price for minerals. Our detailed analysis, supported by insights from Dr. Dawkins Brown of Dawgen Global, provides a comprehensive view of this critical economic aspect. 🔗 Dive Deeper: https://lnkd.in/eFDrqQkw 📖 Whether you're a professional in the mining industry, a policy maker, or simply interested in global economic trends, this article offers valuable insights into the world of mineral pricing and transfer pricing frameworks. 📧 Have questions or need expert advice? Connect with us at info@dawgen.global 📞 For direct inquiries, reach out to our Caribbean Office at +1 876 926 5210 📱 Stay connected on the go! WhatsApp us globally at +1 876 493 4923 #MiningIndustry #TransferPricing #Bauxite #EconomicTrends #GlobalEconomics #DawgenGlobal #OECDGuidelines #MineralValuation #TaxPolicy

Exploring Canada's rich mineral resources! 🇨🇦💎 Check out the latest updates on mining taxation policies that contribute to sustainable resource development. Learn more at: https://lnkd.in/gFRSBY8E

Critical Minerals Production Tax Incentive (CMPTI) enters consultation phase. AMEC welcomes the start of consultation with Treasury for the Federal Government’s CMPTI, an important step to delivering a much-needed policy to further this emerging sector of the mining and exploration industry. This incentive grew from the policy and advocacy work that AMEC and member companies conducted. This policy aligns with the Government's Critical Minerals Strategy 2023-2030 and will play an important role in the Government's Future Made in Australia agenda. It's also promising to see that terms of eligibility will allow foreign entities access to the incentives, if they are investing in Australia. The consultation phase provides companies and industry as a whole, an opportunity to provide feedback to Treasury on how the $13.7 billion program announced in the Budget can work best. Consultation will remain open until 12 July. To view the consultation paper ➡️https://ow.ly/SOHU50SrrHI

🌍 Exploring the Dynamics of Mineral Pricing in the Mining Industry! 🔍 Our latest article, "Determining the Price of Minerals: A Transfer Pricing Framework for Bauxite," sheds light on the complexities of mineral valuation in the mining sector, particularly focusing on bauxite. Understand the crucial role of accurate valuation for royalties and corporate taxes, and discover how the OECD's guidelines are shaping fair market practices. 💡 Delve into the intricacies of transfer pricing, the arm's length principle, and the unique challenges in setting the right price for minerals. Our detailed analysis, supported by insights from Dr. Dawkins Brown of Dawgen Global, provides a comprehensive view of this critical economic aspect. 🔗 Dive Deeper: https://lnkd.in/eFDrqQkw 📖 Whether you're a professional in the mining industry, a policy maker, or simply interested in global economic trends, this article offers valuable insights into the world of mineral pricing and transfer pricing frameworks. 📧 Have questions or need expert advice? Connect with us at info@dawgen.global 📞 For direct inquiries, reach out to our Caribbean Office at +1 876 926 5210 📱 Stay connected on the go! WhatsApp us globally at +1 876 493 4923 #MiningIndustry #TransferPricing #Bauxite #EconomicTrends #GlobalEconomics #DawgenGlobal #OECDGuidelines #MineralValuation #TaxPolicy

MINING SECTOR PAID MORE TAX THAN ALL OTHER SECTORS COMBINED The recent Australian Taxation Office data highlights the substantial role played by WA's mining and resources sector. The top 10 companies that contributed, including BHP Group, Rio Tinto, Fortescue Metals Group, BHP Iron Ore (Jimblebar), and Roy Hill Holdings, paid $30 billion in the financial year ending June 2022, comprising approximately 25% of Australia's corporate tax revenue for that year. ATO's deputy commissioner Rebecca Saint said that this is a fantastic result for the Australian community. She continued: “The 2022 income year was the first year that the mining sector paid more tax than all other sectors combined, something we haven’t seen in the history of the (transparency) report.” Read on: https://ow.ly/uUX050Q5Nxj

🌍 Exploring the Dynamics of Mineral Pricing in the Mining Industry! 🔍 Our latest article, "Determining the Price of Minerals: A Transfer Pricing Framework for Bauxite," sheds light on the complexities of mineral valuation in the mining sector, particularly focusing on bauxite. Understand the crucial role of accurate valuation for royalties and corporate taxes, and discover how the OECD's guidelines are shaping fair market practices. 💡 Delve into the intricacies of transfer pricing, the arm's length principle, and the unique challenges in setting the right price for minerals. Our detailed analysis, supported by insights from Dr. Dawkins Brown of Dawgen Global, provides a comprehensive view of this critical economic aspect. 🔗 Dive Deeper: https://lnkd.in/eFDrqQkw 📖 Whether you're a professional in the mining industry, a policy maker, or simply interested in global economic trends, this article offers valuable insights into the world of mineral pricing and transfer pricing frameworks. 📧 Have questions or need expert advice? Connect with us at info@dawgen.global 📞 For direct inquiries, reach out to our Caribbean Office at +1 876 926 5210 📱 Stay connected on the go! WhatsApp us globally at +1 876 493 4923 #MiningIndustry #TransferPricing #Bauxite #EconomicTrends #GlobalEconomics #DawgenGlobal #OECDGuidelines #MineralValuation #TaxPolicy