Glencore response to CICTAR report
29 October 2021
Glencore rejects the Centre for International Corporate Tax Accountability & Research (CICTAR) report.
We cooperated with CICTAR and responded to questions they submitted. We are disappointed that most of the facts we provided have been ignored. A copy of our response to CICTAR is attached.
The CICTAR report includes a number of glaring errors and misrepresentations, including in relation to:
- Its interpretation of the Australian Taxation Office tax transparency data for 2013-16.
- The fact that corporate income tax is paid on taxable profits, not on revenue.
- The closure of our Singapore coal marketing function.
- Financing of the purchase of the remaining stake in the Cerrejón mine.
- Copper sales from Australia to Switzerland from 2007-09, which the Australian courts have ruled as compliant.
Moreover, CICTAR’s proposed unitary tax solution would actually reduce Glencore tax payments because it would bring forward mine rehabilitation deductions.
Glencore is very proud of the contribution we make in Australia, which for almost 25 years has provided jobs for thousands of Australians, support for thousands of businesses and billions of dollars in government revenue.
Since 2010, Glencore’s Australian operations have paid A$19 billion in taxes and royalties in Australia. We comply with all our tax and financial reporting obligations.
We report on our Australian tax and royalty payments in numerous public forums and documents, including via our Glencore 2021 Corporate Profile Australia at this link: https://www.glencore.com.au/dam/jcr:debca499-980f-4b72-b8cc-21a3fdd08e5a/glencore-australia-2021-corporate-profile.pdf
For further information, please contact:
Francis de Rosa
m: +61 0417 074 751
e: Francis de Rosa
Charles Watenphul
t: +41 41 709 24 62
m: +41 79 904 33 20
e: Charles Watenphul
Notes for editors
About Glencore
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsible-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 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. Our ambition is to be a net zero total emissions company by 2050.
About Glencore Australia
In Australia, Glencore produces coal, copper, cobalt, nickel, zinc, lead, silver and gold from 26 mining operations. We also operate metals processing assets in Queensland, New South Wales, Western Australia and the Northern Territory, including metals smelters, concentrators and refineries. Our marketing business connects these Australian resources with industrial customers around the world. Through our diverse portfolio, we responsibly produce the resources required today and the minerals needed for the world’s transition to a low carbon economy.
We employ 17,690 people in Australia and in 2020 contributed over $13.8 billion to the regional, state and national economies. Our most significant contribution comes from our core business activities: employing people, sourcing from local communities and paying taxes to host governments. At each of our sites, we focus on protecting our people, respecting the environment and being valued by the local communities in which we operate.