To attract foreign investors, the Mozambique government exempted the Mozal smelter 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%). BHP Billiton made an average profit from the smelter of $114m a year between 2005-06 and 2011-12, more than seven times the sum made by the Mozambique government.