Publication of 2018 Payments to Governments Report

RNS Number : 0675E

Glencore PLC

01 July 2019

 

Glencore plc

Baar, Switzerland

1 July 2019

Publication of 2018 Payments to Governments Report

Glencore has published its fourth report on its economic contribution and payments to governments. Our 2018 Payments to Governments Report provides an overview of our approach to tax and transparency and discloses the payments made during 2018 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.

Each year, we work with interested stakeholders, including our investors and civil society groups to consider how we can expand and improve on our disclosure of these payments. In line with this commitment to transparency, our 2018 report includes additional disclosures on:

• The payments we make in the Democratic Republic of Congo and South Africa

• Practical examples on how and why Glencore utilises so called 'tax havens'

• Identification of specific recipient government entities

• Oil purchases from state-owned oil enterprises in support of the EITI

• Purchases of oil originating from the Republic of South Sudan

• Advances and loans repayable with product

In addition, we continue to disclose our large custom and excise payments to government entities.

Steve Kalmin, Chief Financial Officer, noted, "Our activities within our operating countries enable governments to monetise their natural resources. Governments can use the tax and royalty payments we make to provide its citizens with services and infrastructure that improve their quality of life. During 2018, our total payments to government were around $5.7 billion."

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]
Sustainability
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 158,000 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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