Latest news with #exporttax
Bloomberg
19 hours ago
- Business
- Bloomberg
Ontario Premier Says Electricity Export Tax Is Possible If Trade Talks Fail
Ontario Premier Doug Ford said he hasn't ruled out the idea of reimposing a surcharge on electricity exports to US states if trade talks between Canada and the Trump administration don't result in a fair deal. In March, the leader of Canada's most populous province briefly put a 25% export tax on power exports to Michigan, Minnesota and New York in retaliation for US President Donald Trump's trade war. He backed down after the president said he would increase tariffs on Canadian steel and aluminum to 50% and attack the country's auto industry, which relies on exports to the US.
Zawya
08-07-2025
- Business
- Zawya
South Africa: Govt's proposed chrome export tax threatens jobs
South Africa's proposed chrome ore export tax will hurt miners' profitability and lead to job losses across the sector, the country's Minerals Council has said. Africa's most advanced economy is the world's biggest exporter of chrome, which is mostly used in the manufacture of stainless steel. South Africa also used to be the biggest global producer of ferrochrome, a combination of chrome and iron, but lost that pole position to China, mostly due to high electricity costs which have forced many smelters to shut. On June 26 2025, South Africa's cabinet announced it had agreed to lower power tariffs for chrome smelters as well as a proposal to impose a tax on chrome ore exports as part of efforts to stop the decline of the ferrochrome industry. The Minerals Council South Africa (MCSA), which represents the country's biggest miners, said in a statement that the tax "would not achieve the government's aims of sustaining the ferrochrome industry and the preservation of jobs". It would instead "hurt chrome producers and the significant contribution this industry makes to both South Africa's economy and the jobs it sustains and grows". South Africa's chrome sector directly employs 25,000 people and earned the country R85bn ($4.85 billion) in export revenue in 2024, according to the Minerals Council. It exported a record 20.5 million metric tons of chrome concentrate in 2024, mostly to China, the world's biggest importer of the commodity. Companies mining and processing chrome in South Africa include Glencore, Tharisa Plc and South32.
Yahoo
05-07-2025
- Business
- Yahoo
South Africa's proposed chrome export tax could lead to job losses
The South African mining industry is facing a potential challenge as the government's proposed chrome ore export tax could negatively affect miners' profitability and lead to job losses, according to a report by Reuters. The Minerals Council South Africa, representing the country's major miners, has expressed concerns that the tax will not support the government's goals of preserving the ferrochrome industry and jobs. South Africa, the world's largest exporter of chrome, has seen its ferrochrome production decline, losing its leading position to China, primarily due to high electricity costs. This has resulted in many smelters shutting down operations. To address this, the South African cabinet announced on 26 June 2025 that it had agreed to lower power tariffs for chrome smelters and proposed a tax on chrome ore exports in a move to revitalise the ferrochrome industry. However, the Minerals Council believes that this move would 'have a negative impact on chrome producers and the significant contribution this industry makes to both South Africa's economy and the jobs it sustains and grows.' The chrome sector in South Africa is a significant employer, directly employing 25,000 people and generating R85bn ($4.85bn) in export revenue in 2024. The country exported a record 20.5 million tonnes (mt) of chrome concentrate in 2024, mainly to China. Companies such as Glencore, Tharisa and South32 are key players in the South African chrome mining and processing industry. South African coal and iron ore exporters, including Glencore and a unit of Anglo American, are preparing to sign investment agreements worth billions of rand with Transnet. These agreements, as stated by B4SA's head of transport and logistics Ian Bird, are to repair critical rail lines and enhance shipment capabilities. "South Africa's proposed chrome export tax could lead to job losses" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
04-07-2025
- Business
- Reuters
Russian government cuts wheat export tax to zero, IFX reports
MOSCOW, July 4 (Reuters) - Russia, the world's largest wheat exporter, cut the wheat export tax to zero, effective from July 9, the Interfax news agency reported on Friday, citing the Russian agriculture ministry. It is the first time the tax has been removed since it was introduced in 2021 to protect the domestic market from price spikes and to discourage excessive exports. It is calculated as 70% of the difference between an indicative price, derived from export contract data and calculated on a weekly basis, and a base price set by the agriculture ministry. A higher base price results in a lower duty. The indicative price was set at $228.7 per ton of wheat on Friday. The duty was set at zero. In January, the duty had reached its highest level to date, at 4,699.6 roubles ($59.87) per ton. Farmers have regularly appealed to the government to abolish or reduce the duty, saying it harms the profitability of wheat farming and that only a small portion of the collected funds are returned to the sector. ($1 = 78.4955 roubles)
Reuters
03-07-2025
- Business
- Reuters
South African miners say proposed chrome export tax threatens jobs
July 3 (Reuters) - South Africa's proposed chrome ore export tax will hurt miners' profitability and lead to job losses across the sector, the country's Minerals Council has said. Africa's most advanced economy is the world's biggest exporter of chrome, which is mostly used in the manufacture of stainless steel. South Africa also used to be the biggest global producer of ferrochrome, a combination of chrome and iron, but lost that pole position to China, mostly due to high electricity costs which have forced many smelters to shut. On June 26, South Africa's cabinet announced it had agreed to lower power tariffs for chrome smelters as well as a proposal to impose a tax on chrome ore exports as part of efforts to stop the decline of the ferrochrome industry. The Minerals Council South Africa, which represents the country's biggest miners, said in a statement the tax "would not achieve the government's aims of sustaining the ferrochrome industry and the preservation of jobs". It would instead "have a negative impact on chrome producers and the significant contribution this industry makes to both South Africa's economy and the jobs it sustains and grows". South Africa's chrome sector directly employs 25,000 people and earned the country 85 billion rand ($4.85 billion) in export revenue in 2024, according to the Minerals Council. It exported a record 20.5 million metric tons of chrome concentrate in 2024, mostly to China, the world's biggest importer of the commodity. Companies mining and processing chrome in South Africa include Glencore (GLEN.L), opens new tab, Tharisa Plc (THST.L), opens new tab and South32 ( opens new tab. ($1 = 17.5148 rand)
