Chile may increase its mining royalty from 4-9% from 2018 through a new bill to reap the benefits of higher copper prices in a bid to raise $1bn to help fund construction after the country suffered a massive earthquake.

The bill has been sent to Congress for approval after the original bill was rejected in July.

Chilean President Sebastián Piñera said 30% of the tax revenue would be invested in regional and local areas affected by the earthquake that struck south-central Chile in February, while the rest would be spent on improving education and healthcare.