Glencore
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This article is part of the Mining and Metals project of Spinwatch |
Swiss-based mining-giant Glencore controls 60% of the world’s zinc, half the world’s copper, 38% of aluminium and 9% of the global grain market. In 2011 it won the dubious award of the world's "most opaque mining company", courtesy of Publish What You Pay Norway (PWYP).[1]
In addition to its own operations, Glencore holds interests in several other major mining companies, including 34.4% in Xstrata, 44% economic (39% voting) in Century Aluminum, 73.4% in Minara Resources, 74.8% in Katanga Mining, 8.8% in UCR, 51.5% in Chemoil Energy and 32.2% in Recylex.[2] Glencore holds a market capitalization of $33bn and was first listed on the London Stock Exchange in May 2011.[1]
The most opaque mining company of them all
Piping Profits, published Publish What You Pay Norway in 2011, showed that Glencore was the world's "most opaque mining company." Though the corporation controls relatively few subsidiaries than others in the sector - 46 in comparison to Rio Tinto's 926 - 46% of its subsidiary companies are incorporated in 'secrecy jurisdictions such as the US state of Delaware, the Netherlands or Bermuda. Secrecy jurisdictions are defined as: "places where among many other advantages for companies requiring secrecy, company accounts and beneficial ownership details are not publicly available."[1]
As PWYP state: "This is relevant given that Glencore’s 2010 financial statement confirms that its effective tax rate for its $234m tax bill, ‘was 9.3% compared to 12.6% for 2009’ on revenues of $144.9 billion." Glencore's net profit in 2010 was $4.1bn.[1]
Contact
- Address:
- Glencore International AG
- Baarermattstrasse 3
- CH-6340 Baar
- Switzerland
- Glencore UK address:
- 50 Berkeley Street
- London
- W1J 8HD
- Telephone: +41 41 709 2000
- Fax: +41 41 709 3000
- Email: info@glencore.com
- Website: glencore.com
- Facebook: glencore
