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Glencore spends $2 billion on government mining taxes

Global mining company, Glencore, has published its third report on its economic contribution and payments made to national, regional and municipal entities in all the countries that it operates in.

The report, which provides an overview of the miners approach to tax and transparency, and discloses the payments made during 2017 on a project-by-project basis, noted $2.78 billion was made in payments to governments in respect of its extractive industries.

“Glencore is a significant contributor to the national and local economies in the countries in which we operate. In 2017, the economic value added by the Glencore Group was $14.7 billion, of which our total direct contribution to governments was over $4 billion,” said Steve Kalmin, Chief Financial Officer, Glencore.

According to Glencore, the 2017 report includes payments in respect of the mining company’s ownership interest in the Antamina, Cerrejón and Collahuasi joint ventures, payments to state-owned oil enterprises for oil in countries that are both compliant and non-compliant with the Extractive Industries Transparency Initiative (EITI).

The miner noted that it also recognised the current debate regarding the real contribution of the mining industry in the DRC following the introduction of the new mining code.

“We have provided an in depth view of our overall contribution to the DRC’s economic development and details on the taxes we have paid its government over the past three years,” said Kalmin.

“This is in accordance with the reporting requirements of Chapter 10 of the EU Accounting Directive.”

 

 

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