International Council on Mining and Metals (ICMM) members made a combined contribution of US$42 billion ($68.41 billion) in corporate income tax (CIT) and royalty payments to national economies and local communities of host countries, according to its 2024 Tax Contribution Report.
The 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).
ICMM 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 its 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.
Since 2013, ICMM members have reported US$367.6 billion in total CIT and royalty payments. Compared to total adjusted profits of US$986.3 billion reported over the same period, this translates to US$36 out of every US$100 of profit earned by members being paid in CIT and royalties.
In 2024, m ICMM members also continued to deliver broad socio-economic benefits in 2024, with increases across all metrics on the prior year period, including 609,300 jobs supported (+8%); US$ 41.1 billion paid in wages and related payments (+5.2%);
US$203.8 billion paid to suppliers (+4.1%); and US$1.5 billion invested in community and social programs (+9.4%).
ICMM President Rohitesh Dhawan says mining is inherently cyclical in nature, but the 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,” says Dhawan.
“Despite the ups and downs of the global economy, US$42 billion 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.”
ICMM brings together a third of the global metals and mining industry, along with key partners to drive leadership, action and innovation for sustainable development, ultimately delivering a positive contribution to society.
Through collaboration, ICMM member companies set the standard for responsibly produced minerals and metals in a safe, just and sustainable world.
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Images: ICMM
