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Wednesday, January 9, 2013
Development profiteering The Guardian reports on calls for the World Bank, the British government and private investors to return “excessive” profits from a smelting project in Mozambique that uses 45% of the country’s electricity:“The report calculates that foreign investors, governments and development banks have received an average of $320m (£199m) a year from the smelter, in contrast to the Mozambique government’s $15m. In other words, for every $1 paid to the Mozambique government, $21 has left the country in profit or interest to foreign governments and investors.…To attract foreign investors, the Mozambique government exempted Mozal from taxes on profit and VAT, levying only a 1% turnover tax, while allowing all profit from the smelter to be taken offshore. BHP Billiton, the mining group, owns 47% of Mozal, while Japan’s Mitsubishi owns 25%. The other two equity investors are the Industrial Development Corporation of South Africa (24%) and the government of Mozambique (4%).”
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