Will The Success Of The Chilean Mining Rescue Cost International Mining Firms Billions?

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Photo: MSNBC

The success — so far –of the Chilean mining rescue is untrammeled good news.But it may cost international mining firms some money. A Reuters report on the “winners & losers” of the events points out that the surging popularity of Chilean President Sebastian Pinera will give him the clout to get a mining super-tax passed. It’s not unlike the tax in Australia.

The tax is expected to bring in an additional $12 billion this year, and foreign firms like BHP Billiton and XStrata are expected to be hit the hardest.

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