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Friday saw London Metal Exchange benchmark copper drop 2.6% to close at $US8,047 a tonne, for its fourth consecutive weekly decline. The metal touched an 18-month low of $US7,955 a tonne in trading.

LME copper was down 4.3% for the week. Comex copper ended at $US3.62 a pound for a loss of more than 3% for the week.

From the all-time high of $US10,700 a tonne (and more than $US5.039 a pound) in March after the Russian invasion of Ukraine, copper slid in May and June dropping below $US8,000 a tonne for the first time in almost 18 months on Friday.

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Friday saw bad news from Chile for the industry where plans for new, higher taxes on major miners were revealed. By some estimations, the tax on some companies will jump 32%.

The tax means some of the world’s biggest miners will be hit – from state-owned Codelco to BHP, Rio Tinto, Anglo American Glencore and Antofagasta.

A press release from the Chilean treasury said there are two parts to the tax – one is an ad valorem tax between 1% and 2% for companies that produce between 50,000 and 200,000 tonnes of fine copper a year and a rate between 1% and 4% for those that produce more than 200,000 tonnes (BHP is in prime position for the tax – it has Escondida, the world’s biggest mine as well as two other mines in Chile).

The other part of the tax is a rate between 2% and 32% on profits for copper prices between $US2 and $US5 a pound. Both components vary based on the price of copper.

Smaller copper producers will continue with the current tax system.

<blockquote data-quote="Dona Ferentes" data-source="post: 1183255" data-attributes="member: 66457">Friday saw London Metal Exchange benchmark copper drop 2.6% to close at $US8,047 a tonne, for its fourth consecutive weekly decline. The metal touched an 18-month low of $US7,955 a tonne in trading.LME copper was down 4.3% for the week. Comex copper ended at $US3.62 a pound for a loss of more than 3% for the week.From the all-time high of $US10,700 a tonne (and more than $US5.039 a pound) in March after the Russian invasion of Ukraine, copper slid in May and June dropping below $US8,000 a tonne for the first time in almost 18 months on Friday....................................................Friday saw bad news from Chile for the industry where plans for new, higher taxes on major miners were revealed. By some estimations, the tax on some companies will jump 32%.The tax means some of the world’s biggest miners will be hit – from state-owned Codelco to BHP, Rio Tinto, Anglo American Glencore and Antofagasta.A press release from the Chilean treasury said there are two parts to the tax – one is an ad valorem tax between 1% and 2% for companies that produce between 50,000 and 200,000 tonnes of fine copper a year and a rate between 1% and 4% for those that produce more than 200,000 tonnes (BHP is in prime position for the tax – it has Escondida, the world’s biggest mine as well as two other mines in Chile).The other part of the tax is a rate between 2% and 32% on profits for copper prices between $US2 and $US5 a pound. Both components vary based on the price of copper.Smaller copper producers will continue with the current tax system.</blockquote>

[QUOTE="Dona Ferentes, post: 1183255, member: 66457"] Friday saw London Metal Exchange benchmark copper drop 2.6% to close at $US8,047 a tonne, for its fourth consecutive weekly decline. The metal touched an 18-month low of $US7,955 a tonne in trading. LME copper was down 4.3% for the week. Comex copper ended at $US3.62 a pound for a loss of more than 3% for the week. From the all-time high of $US10,700 a tonne (and more than $US5.039 a pound) in March after the Russian invasion of Ukraine, copper slid in May and June dropping below $US8,000 a tonne for the first time in almost 18 months on Friday. ................................................... Friday saw bad news from Chile for the industry where plans for new, higher taxes on major miners were revealed. By some estimations, the [B]tax on some companies will jump 32%[/B]. The tax means some of the world’s biggest miners will be hit – from state-owned Codelco to BHP, Rio Tinto, Anglo American Glencore and Antofagasta. A press release from the Chilean treasury said there are two parts to the tax – one is an ad valorem tax between 1% and 2% for companies that produce between 50,000 and 200,000 tonnes of fine copper a year and a rate between 1% and 4% for those that produce more than 200,000 tonnes (BHP is in prime position for the tax – it has Escondida, the world’s biggest mine as well as two other mines in Chile). The other part of the tax is a rate between 2% and 32% on profits for copper prices between $US2 and $US5 a pound. Both components vary based on the price of copper. Smaller copper producers will continue with the current tax system. [/QUOTE]

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