Glencore throws full weight behind transparency in money-to-govts report – by Martin Creamer ( – June 29, 2016)

JOHANNESBURG ( – Global diversified mining and marketing company Glencore threw its full weight behind complete openness in its maiden Payments-To-Governments Report 2015.

In a 17-page outline, Glencore CFO Steve Kalmin provides an overview of the $5-billion it paid last year to 16 governments ranging from Argentina to Zambia and including South Africa.

Australia received the highest single amount at $866 744 000, more than ten times the $83 500 000 to South Africa. Disclosing payments made on a country‑by‑country and project‑by‑project basis, the report is aligned to the requirements of Chapter 10 of the European Union’s accounting directive.

“We’re committed to the highest standards of corporate governance and transparency and support increased transparency around the redistribution and reinvestment of such payments,” Kalmin writes in the document of the London-, Hong Kong- and Johannesburg-listed company, which proclaims itself as an active member of the Extractive Industries Transparency Initiative (EITI).

Taxes, royalties, employees’ wages and payments to local suppliers form the elements of the economic and social contribution. Glencore’s size and long‑term operational make-up mean that it is able to make economic impact in host countries.

For the rest of this article, click here: