| Summary: | Chile is known worldwide for its high copper production. The export income that it generates for the state is also especially important. In 2003, the copper super cycle was unleashed as a result of the significant jump in copper prices. This trend had a positive impact on various sectors of society - academics, businessmen and government - sparking new projects and millions in investments. In this period, large transfers to the treasury not only permitted saving part of this tax revenue, but also financed state expenditures and various social reforms undertaken by governments during this time. In 2013, prices started dropping, even dramatically in the following years, dragging the industry into a complicated crisis. In the last 15 years, productivity has permanently fallen and production has been stagnant, set against the sustained decrease in ore grades and rising production costs. This severe "economic" crisis facing the capitalist copper mining cycle is in contradiction with the indiscriminate and irreversible degradation of the life cycle of metal and natural resources. This situation, combined with the failure of the tax reform, has had serious consequences on tax revenues
|
|---|
