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According to foreign media, the House of Commons of Chile has begun to study a proposal, which proposes to impose a mining royalty of 3% on copper and lithium miners operating in the country according to their nominal value. The tax is applicable to miners with an annual copper output of more than 12000 tons and an annual lithium output of more than 50000 tons.

According to the draft, all miners should pay taxes on an annual basis. If the mine has not started operation, the tax should be levied from the date of mining. It is reported that the last time Chile increased the mining royalties was after the 8.8 magnitude earthquake in 2010, the government obtained additional funds to rebuild the affected areas. At that time, the mining royalty increased from 4% - 5% to 4% - 9%. The royalty again rose to between 5% and 14% at the beginning of 2018. According to the report of Radio University of Chile, the additional mining tax is expected to be imposed on the mining enterprises to contribute part of their profits to the areas they operate.

Chile Expands Lithium Mine Scale SQM Hopes to Become the World's Largest Lithium Miner

Chile is the world's largest copper producer and the largest known lithium reserve. Chile, which has about 52% of the world's known lithium reserves, recently lost its title of lithium producer, but both companies and the government are trying to turn the situation around. In the past few months, Chile's SQM, the world's second largest lithium producer, has been expanding its mine scale. The company has recently completed the first stage of increasing production of lithium carbonate in Salardel Carmen, Chile, with an annual output of 70000 tons. Chief Executive Officer Patriciode Solminihac said last month that the company's next step will be to achieve our goal of 120000 tons per year, which is expected to be completed by the end of 2019. The company believes that by 2022, it will soon surpass its American competitor Albemarle to become a world lithium company. SQM expects to increase the capacity of the year to 28% of the global total output, while Albemarle is 16%. At the same time, Chile expects that lithium battery will soon become its second largest mining asset, after copper. It is currently the country's fourth largest export product.

SMM believes that the news of Chile imposing mining tax on copper lithium mines is only a proposal at present, so it will not affect the lithium market in the short term. If the proposal is formed and approved, it will boost the price of lithium ore in the long run and increase the cost for downstream manufacturers. However, in view of the current oversupply of lithium salt, the overall price of the product is likely to fall, but to some extent, it will be supported by costs. However, its cost support is weak in the short term.

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