Chile amends mining royalty bill with flat 1% ad valorem rate

Chile's government on Tuesday amended a proposed mining royalty bill that drew criticism from miners, removing provisions that assessed higher rates for larger miners and linked payments to copper prices, while implementing a flat 1% ad valorem tax rate for large producers.

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 world's largest copper producing nation.