ICMM today releases its 2024 Tax Contribution Report, detailing the significant economic contributions made by its members to national economies and local communities of host countries, revealing that, last year, ICMM members made a combined contribution of $42 billion in corporate income tax (CIT) and royalty payments.

This total includes $28.6 billion in CIT ($38.8 billion in 2023) and $13.4 billion in royalties ($15.5 billion in 2023).

Members reported $62 billion in pre-tax profits for 2024, a 49.4% decrease compared with the previous year, reflecting geopolitical and macroeconomic challenges across the industry. However, CIT and royalty payments by ICMM 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.

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%);
• $41.1 billion paid in wages and related payments (+5.2%);
• $203.8 billion paid to suppliers (+4.1%); and
• $1.5 billion invested in community and social programs (+9.4%).

Rohitesh Dhawan, President and CEO of ICMM, said: “Mining is inherently cyclical in nature, but our 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. Despite the ups and downs of the global economy, $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.”

Since 2013, ICMM members have reported $367.6 billion in total CIT and royalty payments. Compared with total adjusted profits of $986.3 billion reported over the same period, this translates to $36 out of every $100 of profit earned by members being paid in CIT and royalties.