REGULATION

"Glencore complies with its tax obligations"

Taxing time for diversified global miner

Staff reporter
Glencore's oveseas dealings have been scrutinised in the Paradise Papers

Glencore's oveseas dealings have been scrutinised in the Paradise Papers

The leaked Paradise Papers have outlined Glencore's loan to an entity affiliated with Israeli businessman Dan Gertler while he was mandated to negotiate mining permits in the Democratic Republic of Congo.

In response to the International Consortium of Investigative Journalists investigating the Paradise Papers, Glencore said the loan had been made on commercial terms negotiated at arm's length and had been repaid in full.

The company added it had paid US$4 billion in taxes and royalties to host governments in 2016.

"Glencore complies with its tax obligations in line with the laws and regulations in the countries and territories in which we operate," the company said in a statement yesterday.

Meanwhile, The Australian newspaper reports Glencore faces an Australian tax bill of more than A$100 million, as it tried to simplify an unwieldy corporate structure following a wave of acquisitions.

The company told the paper it had detailed engagement with the Australian Tax Office over all aspects of its corporate simplification process, including those steps involving Bermudan entities.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.