The International Council on Mining and Metals (ICMM) has released its 2024 Tax Contribution Report, highlighting the substantial economic contributions made by its members to national economies and local communities.
The report shows that ICMM members collectively contributed US$42 billion in corporate income tax (CIT) and royalty payments in 2024. This includes US$28.6 billion in CIT, compared to US$38.8 billion in 2023, and US$13.4 billion in royalties, down from US$15.5 billion the previous year.
Despite facing a 49.4% decrease in pre-tax profits to US$62 billion due to geopolitical and macroeconomic challenges, ICMM members increased their tax contributions as a proportion of profits. The combined CIT and royalty rate rose to 40.6% in 2024, up from 32.9% in 2023, reflecting a greater return to public finances for every dollar of profit generated.
Beyond direct fiscal contributions, ICMM members continued to deliver significant socio-economic benefits in 2024, with notable increases across key metrics:
609,300 jobs supported (+8.0%)
US$41.1 billion paid in wages and related payments (+5.2%)
US$203.8 billion paid to suppliers (+4.1%)
US$1.5 billion invested in community and social programs (+9.4%)
Rohitesh Dhawan, President and CEO of ICMM, commented:
“Mining is inherently cyclical, but our latest Tax Contribution Report highlights the lasting value our industry delivers to host countries. ICMM members play a crucial role not only through tax and royalty contributions but also by creating jobs, paying wages, and investing in communities. Despite economic fluctuations, US$42 billion was directed towards public finances and essential services in 2024. These contributions will remain vital as our members continue to supply the minerals and metals essential to the global energy transition.
“But this report is about more than just numbers—it reaffirms our members’ commitment to tax transparency and an open, fact-based dialogue on tax policy.”
Since 2013, ICMM members have collectively reported US$367.6 billion in CIT and royalty payments. When compared to total adjusted profits of US$986.3 billion over the same period, this translates to US$36 out of every US$100 in profit being directed to host governments through taxes and royalties.
For more information and to access the full 2024 Tax Contribution Report, please visit ICMM’s website.
Key Highlights:
ICMM members contributed US$28.6 billion in corporate income tax and US$13.4 billion in royalties to host countries in 2024.
Broader socio-economic contributions included 609,300 jobs supported, US$41.1 billion in wages and related payments, and US$1.5 billion invested in community and social programs.
Taxes and royalties benefitted over 50 host countries, supporting essential services, infrastructure, and social development.
About ICMMICMM stands for responsible mining practices. Representing a third of the global metals and mining industry, we collaborate with key partners to drive leadership, action, and innovation for sustainable development. Our members uphold the highest standards in producing minerals and metals in a safe, just, and sustainable manner, ensuring a positive contribution to society.
