Key Highlights:
- US$28.6bn in corporate income tax and US$13.4bn in royalties contributed by ICMM members to host countries in 2024.
- Wider socio-economic benefits include 609,300 jobs supported, US$ 41.1bn in wages and related payments, and US$ 1.5bn in community and social investments.
- Taxes and royalty payments have positively impacted over 50 host countries, supporting essential services, infrastructure and social development.
The International Council on Mining and Metals (ICMM) yesterday released its 2024 Tax Contribution Report, detailing the significant economic contributions made by its members to national economies and local communities of host countries.
The report reveals that last year, ICMM members made a combined contribution of US$42 billion in corporate income tax (CIT) and royalty payments. This total includes US$28.6 billion in CIT (US$38.8bn in 2023) and US$13.4 billion in royalties (US$15.5bn in 2023).
Members reported US$62 billion in pre-tax profits for 2024, a 49.4% decrease compared to the previous year, reflecting geopolitical and macroeconomic challenges across the industry. However, CIT and royalty payments by ICMM members actually increased as a proportion of profits. The combined CIT and Royalty Rate was 40.6% in 2024, a 7.7% increase on the prior year (32.9%), meaning that for every dollar of profit generated by ICMM members, a greater share was returned to the public finances.
ICMM members also continued to deliver broad socio-economic benefits in 2024, with increases across all metrics on the prior year period, including:
– 609,300 jobs supported (+8.0%),
– US$ 41.1bn paid in wages and related payments (+5.2%),
– US$203.8 bn paid to suppliers (+4.1%)
– US$1.5bn invested in community and social programmes (+9.4%)
Rohitesh Dhawan, CEO of ICMM, said: “Mining is inherently cyclical in nature, but our latest Tax Contribution Report demonstrates the enduring value that the industry delivers to host countries. ICMM members make significant contributions not only through taxes and royalties, but also by supporting jobs, paying wages, and investing in community development. Despite the ups and downs of the global economy, US$ 42.0bn 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."
Since 2013, ICMM members have reported US$367.6bn in total CIT and royalty payments.
Compared to total adjusted profits of US$986.3bn reported over the same period, this translates to US$36 out of every US$100 of profit earned by members being paid in CIT and royalties.
