Governments in many countries are clamouring for a bigger share of windfall profits earned by mining companies. Picture: Bloomberg Source: Bloomberg

This is a key conclusion of the Export Finance and Insurance Corporation (EFIC), the Australian government's risk insurer, in its survey of global risk developments published yesterday.

It means Australian miners will face policy changes not only at home but in many other countries where they operate.

"The options include greater taxes and royalties, state ownership stakes in ventures, use of state-owned mining firms, and contract revisions." EFIC says.

The report warns that some moves could force mine closures, with Venezuela causing most investor alarm but South Africa and Zimbabwe also being watched closely.

In Venezuela, President Hugo Chavez signed a decree last month to nationalise the goldmining industry, especially hitting Rusoro, a Toronto-listed company of Russian origin.

EFIC says: "Limits on exports have also been making miners unhappy," although they have been relaxed to allow exports of up to 50 per cent of total production rather than 30 per cent.

In South Africa, the Youth League of the ruling ANC party has called for mine nationalisation, but the government is instead pursuing a revised Mining Charter to push firms to achieve 26 per cent "black equity" by 2014.

The government has also revived a dormant state company, the African Exploration, Finance & Mining Corporation, to explore and mine. And there is a call for a super-profits tax.

In Zimbabwe, the government last month wrote to 13 foreign-owned mining, banking and tobacco firms asking how they planned to meet a September 30 deadline to transfer 51 per cent equity to black ownership.

Impala Platinum, the world's No 2 platinum producer, says it is in the middle of negotiations with the government on how to satisfy this requirement.

In Peru, a new windfall profits tax has been introduced after negotiation with industry, alongside legislation requiring mining companies to consult indigenous communities.

EFIC says that "an attractive feature" of the tax, intended to maintain competition with Chile, is that it falls on profits, not revenue, and will be applied on a sliding scale according to price levels.

In Guinea, which has attracted strong investor interest thanks to massive bauxite and iron ore reserves, a new democratically elected government let by President Alpha Conde is reviewing mining contracts and recently announced a new mining code -- reflecting, EFIC says, "widespread public anger over a series of deals concluded by a previous military junta".

The new code will seek to raise the state's interest in mining contracts from 15 per cent to 35 per cent, most bought at market value. It is unclear whether this will apply to existing concessions.

Guinea, says EFIC, "looks set to confirm concessions held by Rio and Vale in the giant Simandou iron ore deposit -- as well as approve Rio's Simfer joint venture with Chinalco".

Mozambique, also revising its mining code, is likely to raise royalties and taxes on new mines, claim a 10-20 per cent stake in "strategic" projects for the state mining firm, and cancel the licences of firms that fall behind their development schedule.

Tanzania's government is considering a windfall profits tax and higher royalties to fund a five-year development plan