Commerce des matières premières : Comprendre les défis fiscaux pour les pays d’origine et d’accueil

The report examines the operational and financial models of mineral and metal trading companies, highlighting their role as intermediaries and financiers for small and medium-sized mining firms. It concludes that while these companies generally operate on an arm's length basis, their inherent opacity and the use of complex financial arrangements, such as streaming agreements, create potential fiscal risks for host governments. The document recommends enhancing transparency through the EITI, implementing mandatory contract registration, and using globally recognized pricing for tax calculations.

• Commodity trading companies act as essential intermediaries, managing an estimated 20% to 40% of the international trade for major metals including iron ore, copper, nickel, and zinc.
• The sector is characterized by a high degree of opacity, as most trading firms are private and not required to disclose financial information, which facilitates corruption and poor governance.
• Trading companies have increasingly become critical financiers for the mining sector, especially after the 2008 financial crisis, providing working capital, loans, and streaming agreements.
• Streaming agreements pose significant fiscal risks to host governments because they often involve selling metals at fixed prices well below market value for the life of the mine, transferring wealth from the producer to the investor.
• Fiscal risks for host countries are primarily linked to profit-based tax instruments, as the cost of using a trading intermediary can reduce the taxable profits of the mining company.
• The center of gravity for mineral trading is shifting eastward, with China becoming the dominant importer and a major hub for trading companies, which may increase fiscal risks due to lower transparency levels compared to Western hubs.
• To mitigate fiscal risks, host governments should implement mandatory registration of export contracts and use globally recognized market prices for calculating royalties and income tax, regardless of the negotiated contract price.
• The report suggests that home countries (trading hubs) should require greater financial disclosure from private trading firms and implement automatic exchange of information (AEOI) to help host countries detect illicit financial flows.

APA

Löf, A., & Ericsson, M. (2019). Commerce des matières premières : Comprendre les défis fiscaux pour les pays d’origine et d’accueil. International Institute for Sustainable Development. https://www.iisd.org/system/files/2025-01/commodity-trading-challenges-fr.pdf

Chicago

Löf, Anton, and Magnus Ericsson. Commerce des matières premières : Comprendre les défis fiscaux pour les pays d’origine et d’accueil. International Institute for Sustainable Development, 2019. https://www.iisd.org/system/files/2025-01/commodity-trading-challenges-fr.pdf.

Wikipedia

{{cite report |last1=Löf |first1=Anton |last2=Ericsson |first2=Magnus |title=Commerce des matières premières : Comprendre les défis fiscaux pour les pays d’origine et d’accueil |publisher=International Institute for Sustainable Development |date=May 2019 |url=https://www.iisd.org/system/files/2025-01/commodity-trading-challenges-fr.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lf2019commerce, author = {Löf, Anton and Ericsson, Magnus}, title = {{Commerce des matières premières : Comprendre les défis fiscaux pour les pays d’origine et d’accueil}}, institution = {International Institute for Sustainable Development}, year = {2019}, month = may, url = {https://www.iisd.org/system/files/2025-01/commodity-trading-challenges-fr.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }