The International Council of Metals and Mining (ICMM) member companies have contributed $28.6 billion in corporate income tax and $13.4 billion in royalties to host countries in 2024 for a total of $42 billion.
In its newest Tax Contribution Report, ICMM reported other socio-economic benefits created by mining companies, which include supporting 609,300 jobs (8.0% up year on year) and paying $41.1 billion in wages; spending $203.8 billion on procurement of goods and services for business operations (+4.1%); and investing $1.5 billion in community and social programmes (+9.4%).
ICMM have also reported $62 billion in pre-tax profits for 2024, a 49.4% decrease compared to the previous year, reflecting geopolitical and macroeconomic challenges across the industry. However, as ICMM notes, tax and royalty payments actually increased as a proportion of members’ profits.
“These results highlight the cyclicality of the mining industry, as well as the need for mutually agreeable tax regimes in ensuring that an appropriate share of mining revenues remains available (after contributions to public finances) for reinvestment by companies in social and economic development,” the report says.
“It is projected that by 2030, investment ranging from $360 - $450 billion will be necessary to meet the rising demand for minerals and metals essential to the global energy transition. This funding is essential to achieve the United Nations Sustainable Development Goals (SDGs).”
Theodor Lisovoy, Managing Editor, Rough&Polished
