Glencore paid $4bn in taxes, royalties in 2016
JOHANNESBURG (miningweekly.com) – Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016.
Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly ‘Payments to Governments’ report for 2016 showed.
Overall, Glencore said its total economic contribution for the year amounted to $18.6-billion, comprising taxes and royalties, employees’ wages and benefits and payments to local suppliers.
“Our activities within our host countries enable governments to monetise their assets. The tax and royalty payments we make in connection with our activities can be used to provide the citizens of those countries with government services and infrastructure to improve their quality of life,” Glencore said.
The direct yearly contributions to the host countries included $68.87-million to South Africa; $814.28-million to Australia; $15.78-million to Zambia; $293.18-million to Kazakhstan; $178.5-million to Colombia; and $169.15-million to the Democratic Republic of the Congo, besides others.
The report outlined the payments made by Glencore during 2016 on a country-by-country and project-by-project basis and is aligned with the reporting requirements of Chapter 10 of the EU accounting directive.
“We are committed to the highest standards of corporate governance and transparency and support increased transparency around the redistribution and reinvestment of such payments,” Glencore concluded.
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