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ICMM Members’ Tax Contribution: Focusing on Corporate Income Tax and Royalties – 2022 Update

6 December 2023

This report focusses on Corporate Income Tax and Royalties, showing members’ tax contributions made up to the financial year ended 30 June 2022. It also provides insight into ICMM members’ broader social economic contributions made during the reporting period. This report coincides with record commodity prices and the journey to recovery from the global pandemic underpinning strong financial performance for the mining sector. Resulting in US$54.9bn payments of Corporate Income Tax and Royalties to host communities.

  • The global economy navigated through a tumultuous 2022 which saw geopolitical instability and economic fluctuations with escalating interest rates, inflation, and energy costs. Despite the uncertainties, persistent demand for commodities produced by ICMM’s members underpinned a significant tax and royalty contribution of US$54.9bn Corporate Income Tax (CIT) and Royalties paid to governments.
  • Total cash paid for CIT and royalties of US$54.9bn to tax authorities around the world – an increase of 77.8% from US$30.9bn in 2021.
  • The profits generated by mining companies are directly tied to the price at which the critical metals and minerals they produce can be sold. Higher commodity prices usually result in higher profits, and therefore higher CIT. Lower commodity prices usually result in lower profits, and therefore lower CIT.
  • The mining industry has a critical role to play in driving social and economic development in the countries and regions in which it operates. As the world continues its journey towards decarbonisation by using the metals and minerals produced by the industry, this contribution has never been more important.
  • This report also illustrates the industry’s wider social and economic contribution. In 2022, ICMM members paid US$37.3bn in wages and related payments to around 561,900 people employed worldwide, invested US$166.2bn in partnerships with global suppliers and contributed US$1.5bn to local communities to address social needs.
  • Climate change is the defining challenge of our time and mining has a crucial role to play. It is clear the path to decarbonization requires more mining, not less. The mining industry has a critical role to play in driving social and economic development in the countries and regions in which it operates. As the world continues its journey towards decarbonisation by using the metals and minerals produced by the industry, this contribution has never been more important.
  • Having robust data on tax contribution supports:
    • Governments to appreciate the importance of the mining industry to local economies and society.
    • Informed debate about the integrity of global mining tax regimes. This is important to inform future policy decisions.
    • Citizens, civil society and other stakeholders to hold governments to account for the mining revenues that have been paid to them.