Payments to Governments Report for 2017

RNS Number : 0446T

Glencore PLC

29 June 2018

 

Glencore plc

Baar, Switzerland

29 June 2018

Publication of 2017 Payments to Governments Report

Today, Glencore published its third report on its economic contribution and payments to governments. Our 2017 Payments to Governments Report provides an overview of our approach to tax and transparency and discloses the payments made during 2017 on a country-by-country and project-by-project basis and is in accordance with the reporting requirements of Chapter 10 of the EU Accounting Directive.

Steve Kalmin, Chief Financial Officer, noted, "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. In this report, we note $2.78 billion of payments to governments in respect of our extractive industries."

During 2017, we sought feedback from interested stakeholders on our approach to disclosing our payments to governments. Reflecting this feedback, the 2017 report includes payments to national, regional and municipal entities in all countries that we operate in as well as payments in respect of our ownership interest in the Antamina, Cerrejón and Collahuasi joint ventures.

In line with our commitment to transparency, the 2017 Report also includes commercial payments to state-owned oil enterprises for oil in those countries compliant with the Extractive Industries Transparency Initiative (EITI) and the total payments for oil to state-owned oil enterprises in non-EITI countries.

In recognition of 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.

The Payments to Governments Report is now available on our website at:

http://www.glencore.com/sustainability/reports-and-presentations 

We have submitted a copy of this report to the UK Storage Mechanism, in accordance with the Listing Rules, and it is available for inspection on the National Storage Mechanism: http://www.morningstar.co.uk/uk/NSM.

 

For further information, please contact:

	Investors
	Martin Fewings		t: [phone]		m: [phone]		[e-mail]
	Ash Lazenby		t: [phone]		m: [phone]		[e-mail]
	Media
	Charles Watenphul		t: [phone]		m: [phone]		[e-mail]
Sustainable Development
Anna Krutikov		t: [phone]		m: [phone]			[e-mail]

www.glencore.com 

Glencore LEI: 2138002658CPO9NBH955
 

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

 

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