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Mining behemoth Rio Tinto touts $47 billion economic contribution worldwide

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(Kitco News) - International mining giant Rio Tinto today released its "2020 Taxes paid: Our economic contribution" report, which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

According to the report, despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Most of Rio Tinto’s taxes and royalties were paid in Australia ($6.8 billion, or AUD9.8 billion, including $4.6 billion of corporate tax), home to the largest part of Rio Tinto’s business. The company also made significant payments in Canada ($651 million or CAD872 million), Mongolia ($277 million), Chile ($246 million), UK ($132 million), United States ($111 million), and South Africa ($61 million).

The company added that its $47 billion direct economic contribution in 2020 took the company’s total direct economic contribution since 2016 to $220 billion.

In the past 10 years, Rio Tinto has paid $71.5 billion in taxes and royalties to governments around the world, including $54.4 billion paid in Australia.

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