Development · Impact · Political Risk

Impact analysis that matters for mining development.

We equip decision-makers with clear, evidence-based insight into how the mining sector can deliver superior development outcomes — and long-term prosperity for host communities, regions, and countries.

20+YEARS OF PRACTICE
SINCE 2002
30+JURISDICTIONS
ACROSS 4 REGIONS
Marble quarry operations Marble quarry operations, Carrara
ChilePeruArgentinaBrazilBoliviaColombiaMexicoAustraliaPapua New GuineaFijiMongoliaSouth AfricaMadagascarTanzaniaUSACanadaUnited KingdomSpain
Why Malthus Global

We understand mining's development challenges.

We go beyond traditional impact assessment — aligning the mining industry with evolving stakeholder expectations.

We go beyond traditional impact assessments, delivering evidence-based insights that help the mining industry align with evolving stakeholder expectations, navigate complex socio-economic and political dynamics, and comply with increasingly stringent regulatory demands. We provide objective analysis that supports effective responses to ideological debates on mining development and to the rising geopolitical pressures shaping mineral supply chains and global resource demand.

We deliver independent, unbiased analysis that strengthens strategy, reduces uncertainty, and underpins the legitimacy and long-term development contribution of mining.

Our Methodology

Four pillars guide every engagement.

Like a core sample through bedrock, our method is layered — each pillar builds the evidentiary foundation for the next.

01 — Evidence

Robust, data-driven evidence

Robust, data-driven evidence for stronger decision-making, built from primary research and verifiable sources.

02 — Benchmark

Globally benchmarked scenarios

We frame local expectations into globally benchmarked scenarios, so findings travel across jurisdictions.

03 — Insight

Independent socio-political insight

Rigorous, independent socio-economic and political insights, free from sponsor bias.

04 — Engagement

Collaboration and engagement

Direct collaboration and engagement with companies, governments, and communities throughout each study.

History & International Reach

20+ years across the world's mining jurisdictions.

Founded in Chile, headquartered on two continents, working in advanced and emerging mining economies alike.

2002

Founded in Chile as Consultora Malthus, providing strategic socio-economic and corporate advisory for the Latin American energy and mining sectors.

2010

Expanded international presence by establishing a second headquarters in Australia, growing into the Asia-Pacific market.

Today

Operating as Malthus Global across 30+ jurisdictions in Asia-Pacific, Africa, Latin America, and beyond. See our full global network →

What We Do

Three core areas of practice.

We combine rigorous analysis, independent research, and strategic advisory to deliver clear, actionable insight across the resource industry.

Practice Area 01

Development Studies & Impact Assessment

Community, local, and national impact analysis — from legal compliance through to long-term socio-economic contribution.

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Practice Area 02

Policy, Conflict & Geopolitical Risk

Independent analysis of public policy, ideological positions, and geopolitical pressures shaping the resource sector.

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Practice Area 03

Reporting & Strategy

Corporate reporting, comparative benchmarking, materiality assessment, and government strategy advisory.

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Insights & Analysis

From the field.

View all insights
US$33,180M — Accumulated Net Sales, 25-Year Mine Life
  • Operating expenses, ongoing capital & other costsUS$13,565M · 40.9%
  • Initial investment (construction capital)US$3,800M · 11.5%
  • Initial capital cost adjustmentUS$2,185M · 6.6%
  • Company net income after state participationUS$6,327M · 19.1%
  • Total state income (royalty, tax & profit participation)US$7,303M · 22.0%
22.0% of net sales flows to the Dominican state — equivalent to US$7,303M over the life of the mine, through royalties (3.2%), income tax (25%) and profit participation (28.75%).
Prepared by MALTHUS GLOBAL Source: Malthus Global analysis, modeled on Barrick Gold's global operating structure. Accumulated values, no discount rate.
From Cases — Dominican Republic
US$33.18B in accumulated net sales over 25 years — modeled in full for the Pueblo Viejo gold mine.
View full case →
Tax Rates by Component — Fruta del Norte Project
Income Tax 25%
VAT 12%
Profit Share — State 12%
Royalties 5%
Profit Share — Employees 3%
Capital Outflow Tax 2%
0%5%10%15%20%25%
Direct taxes — paid by the company Indirect taxes — generated through employees & suppliers
Prepared by MALTHUS GLOBAL Source: Malthus Global analysis of Ecuador's mining tax structure, Fruta del Norte project (Kinross).
From Cases — Ecuador
25% income tax rate we modeled across Ecuador's most important mining investment, alongside royalties and profit-sharing.
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Mining's Share of GDP

1%
2012
4%
2025 — Scenario 1
14%
2025 — Scenario 3

Mining's Share of Total Exports

8%
2012
30%
2015
54%
2025
Prepared by MALTHUS GLOBAL Source: Malthus Global / World Bank / GIZ scenario modeling for Madagascar's mining sector (Scenario 3).
From Cases — Madagascar
54% share mining could reach of Madagascar's total exports by 2025 — up from just 8% in 2012.
View full case →
Prepared by MALTHUS GLOBAL
From Insights — Data & Indicators
65 Years of copper price data confirm why it's one of the most reliable real-time indicators of the global economy.
View full analysis →

Extractive Industry GDP Value

Economic Dependence (Share of GDP)

Prepared by MALTHUS GLOBAL
Prepared using data from the WDI (The World Bank, 2021)
From Insights — Data & Indicators
61% of GDP — the extreme sectoral dependence we found in the Republic of Congo, versus single digits elsewhere in Sub-Saharan Africa.
View full analysis →
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Get In Touch

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