Chile Approves Mine Tax

Chile, the world’s largest copper producer, passed a bill that will increase taxes on mining companies by as much as 5 percent. The new tax will make mining in Chile costlier for companies such as BHB Billiton and Phelps Dodge, the world’s second-biggest copper producer. The government estimated last year that the tax would boost its revenue by about $145 million annually at prices of 90 cents a pound. Copper prices have jumped to $1.37 a pound, largely on increased demand from China.