GLENCORE has released a breakdown on almost $4 billion it has paid to governments across the world in 2016. Australia is the country to benefit the most.
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According to Glencore’s report Australia received US $1.39 billion in taxes and royalties last year.
The report lists the royalties it has paid according to each project – including Mount Isa Mines copper and zinc assets, and Ernest Henry Mine in Cloncurry.
Ernest Henry Copper Mine contributed US $13.4 million in royalties last year.
Mount Isa Mines copper assets paid US $18.4 million in royalties and an additional $607,000 in what was defined as ‘fees’. Zinc assets paid the same amount in fees, and another US $26.3 million in royalties.
The Australian Government received US $452,325,000 from Glencore contributions, mostly from export duties. But included in this was tax from income of US $8,074,000.
Regional Queensland receives $118,867,000, which would include the amount listed from Mount Isa Mines and Ernest Henry. Regional NSW receives $222,008,000.
Glencore’s chief financial officer Steve Kalmin said the $4 billion in taxes and royalties last year were only part of the company’s economic contributions. He said that the company contributed US $18.6 billion through taxes, royalties, employees’ wages and benefits, and payments to local suppliers.
“We believe that communities should have access to clear information on how much their governments have earned from the exploration and extraction of natural resources,” Mr Kalmin said.
“It is also vital that citizens can find out how these revenues contribute to the development of their society and their country’s economic status.
“Ensuring that our host countries and communities have transparent information about our payments to their governments also reduces the potential for corruption by all parties.”