Global mining giant releases details of $8.5 billion of taxes and royalties paid in 2023

The British-Australian multinational company Rio Tinto, the world's second-largest metals and mining corporation, has released its 2023 Taxes and Royalties Paid Report, outlining the $8.5 billion paid in taxes and royalties worldwide for the year.

In 2022, the company paid $10.8 billion, encompassing approximately $1.5 billion in Australian corporate tax payments attributable to previous years.

In Australia, where nearly half of the company's global operations are based, taxes and royalties amounted to $6.6 billion (A$10.0 billion) in 2023. This included $4.1 billion (A$6.2 billion) in corporate taxes. Rio Tinto also made notable tax and royalty payments in Canada ($601 million), Chile ($477 million), Mongolia ($371 million), and the United States ($123 million).

Peter Cunningham, Rio Tinto's Chief Financial Officer, said, "We remain committed to being a leader in transparent tax reporting as we continue to find better ways to contribute to our host countries and communities."

"The taxes and royalties we pay play an important role in economic and social development and can be significant for national budgets and local development priorities such as job creation and skills training."

"It is important to us that we make this contribution openly and transparently as part of our responsibility to extract value from the minerals and materials we produce in the safest and most sustainable way possible."

Over the past decade, Rio Tinto has contributed $76 billion in taxes and royalties worldwide, with over 78% of this amount paid in Australia.

Source: https://www.alcircle.com/news/global-mining-giant-releases-details-of-8-5-billion-of-taxes-and-royalties-paid-in-2023-110355