ICMM members contributed higher portion of profits to host nations in 2024

The International Council on Mining and Metals (ICMM) released on Monday its annual tax contribution report, highlighting that its members contributed a total of $42 billion to their host countries in 2024. This total includes $28.6 billion in CIT ($38.8bn in 2023) and $13.4 billion in royalties ($15.5bn in 2023). The total contribution was down from the $54.4 billion a year ago ($38.8bn CIT, $15.5bn royalties), the report showed, owing to a 49.4% decrease in members’ pre-tax profits, which came in at $62 billion on the back of geopolitical and macroeconomic challenges across the industry.However, the Council points out that the payments by its members actually increased as a proportion of profits. The combined CIT and royalty rate was 40.6% in 2024, a 7.7% increase on the prior year (32.9%).ICMM said its members continued to deliver broad socio-economic benefits in 2024, with increases across all metrics on the prior year period, including:609,300 jobs supported (+8.0%);$41.1 billion paid in wages and related payments (+5.2%);$203.8 billion paid to suppliers (+4.1%);$1.5 billion invested in community and social programs (+9.4%).Commenting on the report, Rohitesh Dhawan, president and CEO of ICMM, said: “Mining is inherently cyclical in nature, but our latest tax contribution report demonstrates the enduring value that the industry delivers to host countries.”Since 2013, ICMM members — which include the biggest mining companies in the world — have reported $367.6 billion in total CIT and royalty payments, compared to total adjusted profits of $986.3 billion reported over the same period. This translates to $36 out of every $100 of profit earned by members being paid in CIT and royalties, the report said.“ICMM members make significant contributions not only through taxes and royalties, but also by supporting jobs, paying wages, and investing in community development,” Dhawan added.“Despite the ups and downs of the global economy, $42 billion was directed to public finances and essential services in 2024. These benefits will continue as our members meet the rising demand for minerals and metals essential to the global energy transition. “But our report is about more than numbers – it underscores our members’ commitment to tax transparency and open, fact-based debate on tax policy.”The 2024 tax contribution report can be found here.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com