Global Metals Pricing Regimes
Seventeen major mining jurisdictions publish government-mandated reference prices that determine mining royalties, mineral excise, export controls and mandatory smelter offtake floors. This page is the primary-source directory: what each regime covers, how the formula works, which authority publishes it, and where to find the official gazette. All data comes from ministry, revenue-authority or mineral-commission publications — no aggregators, no paywalled feeds, no news sites. Try the HPM Nickel Calculator to see one regime in action.
17 regimes · 17 jurisdictions
Primary sources only
OTSFA methodology
Updated July 2026
Looking for commercial buyer-seller pricing formulas (payables, TC/RC, regional premiums, quotational periods, streaming/royalty math)? → Pricing Formulas. This page (Pricing Regimes) covers government-mandated fiscal benchmarks only.
Core Regimes
Eleven core regimes across the largest mining jurisdictions where the reference-price mechanism drives fiscal takes: Indonesia HPM, India IBM ASP + state royalty overlay, Zambia norm-value, Chile RIOMA + ENAMI sustentación, Australia RP, Kazakhstan MET, Baotou RE Index (China), DRC ARECOMS + Code Minier, Philippines MGB + RA 12253 (2025).
Jump to a core regime
Comparison Table — Core Regimes
Side-by-side view of what each regime covers, the reference source it uses and the fiscal instrument it feeds.
| Regime | Jurisdiction | Commodities | Reference Source | Fiscal Use | |
|---|---|---|---|---|---|
| HPM | 🇮🇩 Indonesia | Nickel ore, bauxite, tin, copper, coal (HBA) | HMA (Harga Mineral Acuan) — monthly, KEMENDAG | Royalty base + mandatory floor price for domestic smelter offtake | Details ↓ |
| IBM ASP | 🇮🇳 India | Iron ore, chromite, manganese, bauxite, limestone, 20+ minerals | Average Sale Price — monthly per grade per state, IBM | Royalty computation under Mines and Minerals (Development & Regulation) Act 1957 § 9 | Details ↓ |
| State Royalties | 🇮🇳 India | All 55 MMDR Second Schedule minerals (state overlay on IBM ASP) | Ministry of Mines §9(3) notifications + Odisha/Karnataka/Jharkhand DGM gazettes | State royalty + DMF (10-30%) + NMET (2%) + auction premium | Details ↓ |
| Norm Value | 🇿🇲 Zambia | Copper cathode + concentrates (backbone of Zambia's economy) | LME cash settlement price adjusted to arm's-length norm | Transfer-pricing anchor for mining royalty (sliding 4–10% by copper price) + income tax | Details ↓ |
| RIOMA | 🇨🇱 Chile | Copper (Chile ≈ 27% of global production) | LME copper cash settlement price (US¢/lb) | Progressive royalty (Law 21.591, effective 1 Jan 2024) — replaces old flat IEM | Details ↓ |
| ENAMI Sustentación | 🇨🇱 Chile | Copper ore/concentrate/precipitates from small + medium miners | Precio de sustentación (Comité Consultivo Cobre, Ministerio de Hacienda) + LME | State-backed floor price via Fondo de Estabilización (Ley 21.055 / 2018) — not a tax | Details ↓ |
| RP Bands | 🇦🇺 Australia | Coal (QLD), iron ore + lithium + nickel (WA) | State-published benchmark prices (varies by mineral) | State royalty (mining is state competence under Australian federal system) | Details ↓ |
| MET | 🇰🇿 Kazakhstan | Copper, zinc, lead, uranium (world #1 producer), coal, oil | Quarterly reference price — LME cash + world market surveys | Mineral Extraction Tax (Налог на добычу полезных ископаемых) — Tax Code Ch 46 | Details ↓ |
| Baotou RE Index | 🇨🇳 China | 17 rare earths (China ≈ 60% mine + 85% refining) | Daily-published index by Baotou Rare Earth Products Exchange | Government-endorsed benchmark (launched Jan 2026) — replaces informal Asian Metal quotes | Details ↓ |
| ARECOMS | 🇨🇩 DRC | Cobalt (DRC ≈ 70% of world production) | Monthly reference price + export quotas | Export volume ceiling + royalty base under Presidential Ordinance 24/018 (2024) | Details ↓ |
| MGB Ref Price | 🇵🇭 Philippines | Nickel ore (Philippines ≈ 2nd-largest world producer), copper, gold, chromite | Monthly reference price published by MGB (LME + benchmark surveys) | Excise tax on mineral products (Republic Act 10963 — TRAIN Law) | Details ↓ |
Regime-by-Regime Deep Dive
HPM
— 🇮🇩 IndonesiaMinistry of Energy & Mineral Resources (ESDM), KEPMEN ESDM 144.K/MB.01/MEM.B/2026 — effective 15 April 2026
- Commodity Coverage
- Nickel ore, bauxite, tin ore, copper ore/concentrate, iron, manganese, chromium, lead, zinc, cobalt, gold/silver, titanium, coal (HBA)
- Reference Source
- HMA (Harga Mineral Acuan) — monthly, published by Ditjen Minerba ESDM
- Formula framework
- HPM = f(%metal content, HMA, corrective factor, moisture content) × (1 − MC). Per-commodity formulas below.
- Fiscal Use
- Royalty base + mandatory floor price for domestic smelter offtake
Why it matters. The world's most detailed statutory pricing regime — 6 nickel-content bands, monthly gazette, biweekly HMA, unit unified to US$/WMT. Model for other jurisdictions.
Per-commodity formulas — KEPMEN 144/2026
Verbatim from the Ministerial Decree annex. Reactive-silica penalty and (1−MC) moisture multiplier introduced 15 April 2026 for nickel, bauxite, cobalt, lead, zinc, iron, copper, manganese, chromium ores. Unit unified to US$/WMT.
Nickel ore (Bijih Nikel)
HPMBijih Nikel = [(%Ni × CFNi × HMANi) + (%Fe × CFFe × HMABijih Besi × 100) + (%Co × CFCo × HMAKobalt) + (%Cr × CFCr × HMABijih Krom × 100)] × (1 − MC)
- CFNi = 30% at 1.6% Ni baseline; ±1% for every ±0.1% Ni deviation
- Iron accretion applied only when Fe ≤35% (CFFe = 30%)
- Cobalt accretion applied only when Co ≥0.05% (CFCo = 30%)
- Chromium accretion (CFCr = 10%)
- MC = moisture content fraction; unit US$/WMT
Bauxite ore (Bijih Bauksit)
HPMBijih Bauksit = [(Konstanta × HMAAluminium) ± CFAl₂O₃ − CFR-SiO₂] × (1 − MC)
- Konstanta = 1.50%
- CFAl₂O₃: baseline at 47% Al₂O₃; ±US$1.4/DMT for every ±1% deviation
- CFR-SiO₂: ≤2% reactive silica → no deduction; >2% → −US$1/DMT per +0.5% increase, capped at −US$3.5/DMT
- MC = moisture content fraction; unit US$/WMT (introduced 15 April 2026)
- Benchmark drops ~15% under new formula vs KEPMEN 268/2025 baseline
Tin ore (Bijih Timah) and tin ingot
HPMBijih Timah = %Sn × HMATimah × CF
HPMIngot Timah = ICDX ingot price (Pb 300 / Pb 200 / Pb 100 / Pb 050 grades on trade date)
- Tin ingot HPM tracks ICDX ingot spot per Pb-grade published daily
- Bijih Timah CF per KEPMEN 268/2025 (formula unchanged in 144/2026)
- Indonesia = world's largest refined tin exporter — ICDX floor is binding
Copper ore & concentrate (Tembaga)
HPMBijih Tembaga = %Cu × HMATembaga × CF × (1 − MC)
HPMKonsentrat Tembaga = [%Cu × PayableCu × (HMATembaga − TC/RCCu)] + [%Au × PayableAu × (HMAEmas ikutan − RCAu)] + [%Ag × PayableAg × (HMAPerak ikutan − RCAg)]
- Copper-ore CF = 12% (unchanged by 144/2026 — only pricing unit switched to US$/WMT)
- Gold + silver by-product credits netted against TC/RC in concentrate formula
- Payable coefficients & TC/RC costs re-set in the KEPMEN annex
IBM ASP
— 🇮🇳 IndiaIndian Bureau of Mines (Ministry of Mines) + CAG audit
- Commodity Coverage
- Iron ore, chromite, manganese, bauxite, limestone, 20+ minerals
- Reference Source
- Average Sale Price — monthly per grade per state, IBM
- Formula / Rate
- ASP = weighted avg of ex-mine sales from returns; royalty = % × ASP × dispatched tonnage
- Fiscal Use
- Royalty computation under Mines and Minerals (Development & Regulation) Act 1957 § 9
Why it matters. Longest-running formal regime (since 1957). State-grade granularity — IBM publishes ~600 ASP data points monthly.
State Royalties
— 🇮🇳 India (state overlay)MMDR Act 1957 §9 + Second Schedule — state-collected ad valorem on IBM ASP base
- Commodity Coverage
- All 55 major minerals in MMDR Second Schedule — iron ore, bauxite, chromite, manganese, copper, lead, zinc, gold, PGMs, REE. Coal + lignite excluded (separate CIL/MoC regime, out of TSM scope).
- Reference Source
- Base: IBM Average Sale Price (monthly ASP publication). Rates: Ministry of Mines notifications under MMDR §9(3), last revised Sep 2014 + subsequent amendments.
- Formula / Rate
- Royalty = ASP × grade adjustment × ad valorem rate. Examples (2026): iron ore 15%, bauxite 0.60% (metallurgical) / 25.5% (non-met), chromite 15%, manganese 5%, copper 4.2%, gold 4%, PGMs 4%, REE 12%. Collected by state DGM (Odisha, Karnataka, Jharkhand, Chhattisgarh dominate).
- Fiscal Use
- State revenue (100% to producing state under Article 269 of Constitution). Plus District Mineral Foundation (DMF) contribution 10-30% of royalty for major minerals per PMKKKY 2015. Plus National Mineral Exploration Trust (NMET) 2% of royalty.
Why it matters. IBM ASP is the reference price, but the fiscal rate that actually bites is the state-level ad valorem multiplier — which varies 10× across mineral classes and is revised through gazette notifications, not IBM. Odisha alone collected ₹15,214 crore in mineral royalty FY24 (largely iron ore + chromite). Post-MMDR (Amendment) Act 2015, auctioned blocks add on top an additional Auction Premium (up to 155% of royalty for iron ore) — often larger than the base royalty itself.
Norm Value
— 🇿🇲 ZambiaZambia Revenue Authority (ZRA) + Ministry of Finance
- Commodity Coverage
- Copper cathode + concentrates (backbone of Zambia's economy)
- Reference Source
- LME cash settlement price adjusted to arm's-length norm
- Formula / Rate
- Norm Value = LME spot × TC/RC discount × moisture/impurity adjustments (ZRA guideline)
- Fiscal Use
- Transfer-pricing anchor for mining royalty (sliding 4–10% by copper price) + income tax
Why it matters. Post-2019 anti-transfer-pricing reform — before this, mines under-invoiced concentrates through Swiss trading affiliates.
RIOMA
— 🇨🇱 ChileServicio de Impuestos Internos (SII) + COCHILCO
- Commodity Coverage
- Copper (Chile ≈ 27% of global production)
- Reference Source
- LME copper cash settlement price (US¢/lb)
- Formula / Rate
- RIOMA = ad valorem (1–4% by copper price) + margin component (2–34% by operational margin)
- Fiscal Use
- Progressive royalty (Law 21.591, effective 1 Jan 2024) — replaces old flat IEM
Why it matters. First hybrid ad-valorem + margin regime in Latin America. Designed to capture windfall gains during copper booms.
ENAMI Sustentación
— 🇨🇱 Chile (small miners)Empresa Nacional de Minería — copper price stabilization fund (Ley 21.055 / 2018)
- Commodity Coverage
- Copper (ore, concentrate, precipitates) sold by small and medium miners to ENAMI plants. Gold and silver credited separately at ENAMI purchase tariff. Not applicable to large mines (they sell at LME).
- Reference Source
- Precio de sustentación fixed annually by the Comité Consultivo del Precio de Referencia del Cobre (Ministerio de Hacienda) — same long-term copper reference used in the structural fiscal balance. 2025 sustentación = 409 US¢/lb.
- Formula / Rate
- Monthly ENAMI purchase tariff = LME copper (prior-month average) × recovery factor × (1 − metallurgical losses) × (1 − smelting/refining charges) × FX. If LME < sustentación price, ENAMI adds a credit up to 10% of sustentación; when LME > sustentación, small miners repay the credit at 3.5% p.a.
- Fiscal Use
- Not a tax — it is a state-mandated floor price for artisanal + small-scale copper via the Fondo de Estabilización del Precio del Cobre (US$85M base, ~US$97M with interest 2025). Volume cap per miner: 2,000 t ore, 300 t Cu concentrate, 100 t precipitates per month.
Why it matters. Unique in the world: instead of a royalty (that is Chile's RIOMA above), this is a state buyer-of-last-resort with a formulaic minimum price. Small miners = ~5% of Chile production but critical rural employer. Fund has now been fully repaid twice — proves the counter-cyclical mechanism self-finances. Chile's model is the reference for artisanal-mining price protection studies at UNCTAD and CEPAL.
RP Bands
— 🇦🇺 AustraliaQueensland Treasury / WA Department of Mines
- Commodity Coverage
- Coal (QLD), iron ore + lithium + nickel (WA)
- Reference Source
- State-published benchmark prices (varies by mineral)
- Formula / Rate
- Sliding scale: e.g. QLD coal 7% below A$100/t → 15% above A$300/t (7-tier ladder since 1 Jul 2022)
- Fiscal Use
- State royalty (mining is state competence under Australian federal system)
Why it matters. Political flashpoint — QLD 2022 top band (40%) generated record A$15B royalty revenue during 2022–23 coal spike.
MET
— 🇰🇿 KazakhstanMinistry of Finance (Комитет государственных доходов) + Ministry of Industry
- Commodity Coverage
- Copper, zinc, lead, uranium (world #1 producer), coal, oil
- Reference Source
- Quarterly reference price — LME cash + world market surveys
- Formula / Rate
- MET = extracted volume × reference price × rate (0.25%–18.5% by mineral)
- Fiscal Use
- Mineral Extraction Tax (Налог на добычу полезных ископаемых) — Tax Code Ch 46
Why it matters. Uranium rate (18.5%) is the highest — reflects Kazatomprom's ~40% global uranium market share.
Baotou RE Index
— 🇨🇳 ChinaNDRC + MIIT (Ministry of Industry & Information Technology)
- Commodity Coverage
- 17 rare earths (China ≈ 60% mine + 85% refining)
- Reference Source
- Daily-published index by Baotou Rare Earth Products Exchange
- Formula / Rate
- Weighted avg of registered spot transactions (NdPr oxide, Dy, Tb, La, Ce)
- Fiscal Use
- Government-endorsed benchmark (launched Jan 2026) — replaces informal Asian Metal quotes
Why it matters. First state-endorsed on-market REE benchmark. Direct response to Western critique of opacity in REE pricing.
ARECOMS
— 🇨🇩 DRCAutorité de Régulation et de Contrôle du Marché des Substances Stratégiques (ARECOMS)
- Commodity Coverage
- Cobalt as designated "substance stratégique" (DRC ≈ 70% of world production). Broader Code Minier 2018 (Loi 18/001) covers all metals: copper 3.5%, cobalt/germanium/columbite-tantalite/lithium 3.5% as strategic, gold 3.5%, other non-ferrous 2%, iron/ferrous 1%.
- Reference Source
- Cobalt: monthly ARECOMS reference price + quarterly export quotas. All other metals: Code Minier §240 — royalty base = market value at point of sale less transport, insurance, analysis, marketing (max 15% of gross). Reference = LME/LBMA/Fastmarkets published price.
- Formula / Rate
- Cobalt: gazetted ARECOMS price × quota (kt/quarter). All metals ad valorem royalty (Code Minier §241): Cu 3.5%, Co 3.5%, Li 3.5%, Au 3.5%, Ag/Zn/Pb/Sn/W 2%, Fe/Mn 1%. Plus 10% super-tax on "windfall" price above feasibility-study base (§242 bis, 2018 revision).
- Fiscal Use
- Cobalt: export volume ceiling + royalty base (Presidential Ordinance 24/018, Nov 2024). All metals: royalty to Trésor Public (60%) + producing province (25%) + Fonds Minier pour les Générations Futures (15%). Plus 0.3% of turnover to community development fund (§285).
Why it matters. ARECOMS is the OPEC-style cobalt regulator, established Nov 2024 — Feb 2025 4-month export ban shocked LME cobalt +75%. But the deeper base regime is the 2018 Mining Code revision that tripled Cu royalty (from 2% to 3.5%), created the strategic-minerals category (Co/Li/Ge/coltan at 10% under Décret 2018/03) and added the windfall super-tax. DRC = world's #1 cobalt (72%), #2 copper (13%), #3 tantalum (40%) — this Code sets the global royalty floor for these three commodities.
MGB Ref Price
— 🇵🇭 PhilippinesMines and Geosciences Bureau (DENR-MGB)
- Commodity Coverage
- All metallic + non-metallic. Nickel ore (Philippines = world's #2 producer, ~350 kt Ni content 2024), copper, gold, chromite, iron ore, silver, cobalt (as Ni by-product), quarry materials. Coal excluded (₱150/t specific rate, out of TSM scope).
- Reference Source
- Base: DENR-MGB monthly Mineral Industry Statistics (Reference Price by mineral class, published on mgb.gov.ph). Statutory: NIRC §151 as amended by RA 10963 (TRAIN, 2018) + RA 12253 (Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, 2025 — DOF IRR issued Dec 2025).
- Formula / Rate
- (1) Excise tax NIRC §151: 4% of gross output market value (metallic + non-metallic), 6% for indigenous petroleum. (2) Royalty RA 12253 §151-A: within mineral reservations = 5% flat; outside = margin-based sliding scale 0.1%-5% (0.1% floor if margin ≤ 0%; then 1% / 2% / 3% / 4% / 5% at margin bands 0-15% / 15-30% / 30-45% / 45-60% / >60%). (3) Windfall profits tax RA 12253 §151-B: additional 1-10% at net-income margins >30%.
- Fiscal Use
- Excise: 100% Bureau of Internal Revenue (national). Royalty within reservation: 10% to MGB for exploration, balance to Treasury. Royalty outside reservation: national + LGU share per Local Government Code §290 (40% to province, city, municipality, barangay). Plus 1% minimum to Indigenous Cultural Communities (IPRA §16). Plus mandatory IEC/CDP contributions.
Why it matters. Philippines revamped its entire metallic-mining fiscal regime in 2025 with RA 12253 — replacing the flat 2%/4% excise for large-scale metallic miners with a margin-based royalty (world-first at this scale outside Australia's price-band royalties). Combined with retained 4% excise + new windfall tax, effective take on high-margin nickel ore now reaches 10-15% of gross vs. ~6% pre-2025. Direct reference-price benchmarking framework adapted from Indonesian HPM but with a Philippine twist: margin-based, not grade-based.
Additional Regimes
Eight further government-mandated fiscal regimes that round out the top-17 by global relevance: Brazil (world's #2 iron ore), South Africa (PGMs + gold), Peru (copper #2), Ghana (Africa's #1 gold), Tanzania (gold), Mongolia (copper), Papua New Guinea (Cu/Au) and Mexico (world's #1 silver). Same OTSFA principle: each links to the ministry, revenue authority or mineral commission that publishes the formula.
Jump to an additional regime
Comparison Table — Additional Regimes
Same primary-source discipline; different jurisdictions.
| Regime | Jurisdiction | Commodities | Reference Source | Fiscal Use | |
|---|---|---|---|---|---|
| CFEM Brazil | 🇧🇷 Brazil | All minerals (iron ore, bauxite, gold, copper, niobium, manganese) | Financial Compensation for Mineral Exploration (Compensação Financeira pela Exploração Mineral) — rate table by mineral in Lei 13.540/2017. | Federal royalty split 60% to producing municipality, 15% to state, 25% to federal government + agencies (ANM, IBAMA, CETEM). | Details ↓ |
| MPRRA South Africa | 🇿🇦 South Africa | All minerals; PGMs, gold, coal, iron ore, chrome, manganese, diamonds | Mineral & Petroleum Resources Royalty Act 28 of 2008 (MPRRA). Two royalty formulas: refined vs unrefined minerals. | National royalty collected by SARS; feeds general fiscus. Rate tied to profitability of each mine so it rises with commodity cycle. | Details ↓ |
| Regalía Minera Peru | 🇵🇪 Peru | Copper, gold, silver, zinc, lead, tin, molybdenum | Ley 29788 (2011): Mining Royalty (Regalía) + Special Mining Tax (Impuesto Especial a la Minería — IEM). Both apply to operating profit, not gross revenue. | Regalía funds regional governments (100% to producing regions/municipalities). IEM to national Treasury. | Details ↓ |
| Minerals Royalty Ghana | 🇬🇭 Ghana | Gold, bauxite, manganese, diamonds | Minerals & Mining Act 703 (2006), amended 2010. Flat 5% royalty on gross sales value at London metal prices. | Ministry of Finance general fiscus; 20% redistributed to district assemblies via Minerals Development Fund (MDF). | Details ↓ |
| Mineral Royalty Tanzania | 🇹🇿 Tanzania | Gold, copper, silver, gemstones, diamonds, industrial minerals | Mining Act 2010 (Cap 123 R.E. 2019), amended 2017. Gold 6%, base metals 3%, gemstones 1%, industrial minerals 3%. | Mining Commission collects; Treasury general fiscus. | Details ↓ |
| MRPAM Mongolia | 🇲🇳 Mongolia | Copper, gold, coal, molybdenum, fluorspar | Minerals Law 2006 (amended 2014, 2019). Base royalty 2.5%–5% + surtax up to 5% on world-price surges. | National Treasury; Human Development Fund receives share of Oyu Tolgoi/Erdenet royalty streams. | Details ↓ |
| Mining Royalty PNG | 🇵🇬 Papua New Guinea | Gold, copper, silver, nickel, cobalt | Mining Act 1992, s.153. Royalty rate 2% of gross revenue at LME/LBMA prices. | National consolidated revenue + provincial + landowner benefit-sharing (LOA agreements). | Details ↓ |
| Special Mining Duty Mexico | 🇲🇽 Mexico | Silver, gold, copper, zinc, lead, molybdenum, fluorite | Ley Federal de Derechos, Art. 268–270 (2014 reform). Two duties: Special Mining Duty (Derecho Especial) 7.5% on EBITDA + Extraordinary Duty (Derecho Extraordinario) 0.5% on gross precious-metal revenue. | Fondo Minero: 80% to municipalities and states with active mining, 20% to Ministry of Economy (SE) for sectoral programs. | Details ↓ |
Regime-by-Regime Deep Dive — Additional Regimes
CFEM Brazil
— 🇧🇷 BrazilAgência Nacional de Mineração (ANM)
- Commodity Coverage
- All minerals (iron ore, bauxite, gold, copper, niobium, manganese)
- Reference Source
- Financial Compensation for Mineral Exploration (Compensação Financeira pela Exploração Mineral) — rate table by mineral in Lei 13.540/2017.
- Formula / Rate
- Rate × gross revenue from first sale (net of taxes and transport). Iron ore 3.5%, bauxite 3%, gold 1.5%, copper 2%, niobium 3%, potassium/lithium 3%.
- Fiscal Use
- Federal royalty split 60% to producing municipality, 15% to state, 25% to federal government + agencies (ANM, IBAMA, CETEM).
Why it matters. Established by Constitution 1988 (Art. 20 § 1); modernised by Lei 13.540 (Dec 2017). Brazil is world's #2 iron ore exporter after Australia — CFEM is one of the largest metal royalty streams globally by absolute revenue (BRL 11+ billion/year).
MPRRA South Africa
— 🇿🇦 South AfricaSouth African Revenue Service (SARS)
- Commodity Coverage
- All minerals; PGMs, gold, coal, iron ore, chrome, manganese, diamonds
- Reference Source
- Mineral & Petroleum Resources Royalty Act 28 of 2008 (MPRRA). Two royalty formulas: refined vs unrefined minerals.
- Formula / Rate
- Refined: 0.5 + [EBIT / (gross sales × 12.5)] × 100, capped at 5%. Unrefined: 0.5 + [EBIT / (gross sales × 9)] × 100, capped at 7%.
- Fiscal Use
- National royalty collected by SARS; feeds general fiscus. Rate tied to profitability of each mine so it rises with commodity cycle.
Why it matters. Effective 1 March 2010. Profit-based formula is unique globally — designed to auto-stabilise: high royalty when mines profitable, low when not. Feeds ZAR 8–12 billion/year to Treasury.
Regalía Minera Peru
— 🇵🇪 PeruSUNAT (tax authority) + MINEM (Ministry of Energy & Mines)
- Commodity Coverage
- Copper, gold, silver, zinc, lead, tin, molybdenum
- Reference Source
- Ley 29788 (2011): Mining Royalty (Regalía) + Special Mining Tax (Impuesto Especial a la Minería — IEM). Both apply to operating profit, not gross revenue.
- Formula / Rate
- Regalía: progressive 1–12% on quarterly operating margin. IEM: progressive 2–8.4% on operating margin. Both use Anexo II tax tables tied to profit margin bands.
- Fiscal Use
- Regalía funds regional governments (100% to producing regions/municipalities). IEM to national Treasury.
Why it matters. 2011 reform after Humala presidency replaced flat 3% royalty with profit-based sliding scale. Peru is #2 copper producer globally after Chile — Regalía + IEM raise USD 1–2 billion/year for regional development.
Minerals Royalty Ghana
— 🇬🇭 GhanaMinerals Commission of Ghana
- Commodity Coverage
- Gold, bauxite, manganese, diamonds
- Reference Source
- Minerals & Mining Act 703 (2006), amended 2010. Flat 5% royalty on gross sales value at London metal prices.
- Formula / Rate
- 5% × (production tonnage × LBMA Gold Price or LME reference). No profit adjustment.
- Fiscal Use
- Ministry of Finance general fiscus; 20% redistributed to district assemblies via Minerals Development Fund (MDF).
Why it matters. Ghana is Africa's largest gold producer (surpassed South Africa in 2019). Flat 5% is administratively simple but blunt — doesn't rise with gold price above LBMA reference.
Mineral Royalty Tanzania
— 🇹🇿 TanzaniaMining Commission (Tume ya Madini)
- Commodity Coverage
- Gold, copper, silver, gemstones, diamonds, industrial minerals
- Reference Source
- Mining Act 2010 (Cap 123 R.E. 2019), amended 2017. Gold 6%, base metals 3%, gemstones 1%, industrial minerals 3%.
- Formula / Rate
- Rate × gross sales value at LBMA/LME reference. Plus 1% clearing fee (2017 amendment) and 16% government free-carried interest in new mines.
- Fiscal Use
- Mining Commission collects; Treasury general fiscus.
Why it matters. 2017 Magufuli reforms doubled gold royalty from 4% to 6% and mandated 16% government stake. Triggered years of dispute with Barrick (Acacia) resolved 2019 with 50/50 Twiga Minerals JV.
MRPAM Mongolia
— 🇲🇳 MongoliaMineral Resources & Petroleum Authority of Mongolia (MRPAM)
- Commodity Coverage
- Copper, gold, coal, molybdenum, fluorspar
- Reference Source
- Minerals Law 2006 (amended 2014, 2019). Base royalty 2.5%–5% + surtax up to 5% on world-price surges.
- Formula / Rate
- Base: 2.5% for coal/common minerals, 5% for gold/copper/other. Surtax: progressive additional 1–5% when LME copper > USD 5,000/t or LBMA gold > USD 900/oz (2019 thresholds).
- Fiscal Use
- National Treasury; Human Development Fund receives share of Oyu Tolgoi/Erdenet royalty streams.
Why it matters. Windfall/surtax layer added 2011 after copper super-cycle. Mongolia's Oyu Tolgoi (Rio Tinto/Turquoise Hill) is one of world's top-3 copper mines by resource — royalty flows are macroeconomically material (5–8% of GDP).
Mining Royalty PNG
— 🇵🇬 Papua New GuineaMineral Resources Authority (MRA)
- Commodity Coverage
- Gold, copper, silver, nickel, cobalt
- Reference Source
- Mining Act 1992, s.153. Royalty rate 2% of gross revenue at LME/LBMA prices.
- Formula / Rate
- 2% × (production × world reference price). Split 20% to provincial government, 20% to landowners, 60% to national.
- Fiscal Use
- National consolidated revenue + provincial + landowner benefit-sharing (LOA agreements).
Why it matters. Landowner share (20%) is politically critical — mine access requires signed LOA (Land Owner Agreement). Ok Tedi copper, Lihir gold, Porgera gold, Ramu nickel are the flagship operations.
Special Mining Duty Mexico
— 🇲🇽 MexicoServicio de Administración Tributaria (SAT) + Secretaría de Economía (SE)
- Commodity Coverage
- Silver, gold, copper, zinc, lead, molybdenum, fluorite
- Reference Source
- Ley Federal de Derechos, Art. 268–270 (2014 reform). Two duties: Special Mining Duty (Derecho Especial) 7.5% on EBITDA + Extraordinary Duty (Derecho Extraordinario) 0.5% on gross precious-metal revenue.
- Formula / Rate
- Special: 7.5% × EBITDA (positive taxable income base). Extraordinary: 0.5% × (Au + Ag + Pt sales at LBMA reference).
- Fiscal Use
- Fondo Minero: 80% to municipalities and states with active mining, 20% to Ministry of Economy (SE) for sectoral programs.
Why it matters. 2014 Peña Nieto reform — first time Mexico taxed mining beyond corporate income tax. Mexico is world's #1 silver producer. Fondo Minero collections peaked at MXN 20 billion (2022).
Disclaimer. This reference is compiled from public government sources for educational purposes only — it is not tax, legal or fiscal advice. Regimes are amended frequently: Chile RIOMA changed 2024, DRC ARECOMS created 2024, Baotou RE Index launched 2026, Tanzania royalty doubled 2017, Mexico Fondo Minero 2014, Peru profit-based 2011. Always consult a qualified fiscal advisor and read the current gazette version before making commercial or tax decisions. TrueSource Metals does not calculate, certify or endorse specific tax outcomes.