Mining Blog

8. September 2011,

In May this year, the London Stock Exchange welcomed the world’s biggest commodities trader into its midst, marking the highest-priced entry ever on the stock exchange.

This “going public” ensured that at least some of the vital information about its activities that it had concealed until then, was revealed to scrutiny.

Today, Glencore published its CSR report – and it makes for sober reading.

It reveals that, over the period 2008-2010, no fewer than 56 contract and full-time employees went their deaths while working at the company’s global operations.

Glencore stated that it paid $780,000 in major environmental fines in 2010-2011 (compared with BHP Billiton’s environmental fines of $35,057 for its 2010 financial year and Rio Tinto’s fines of $540,328 during its financial year).

Glencore also paid $575 million last year in tax and royalties to governments on revenues of $10.8 billion. In comparison, BHP Billiton paid $7.1 billion in company taxes on $71.7 billion in revenues and Rio Tinto paid $7.45 billion in net taxes to governments on gross revenues of $60.3 billion [Reuters 7 September 2011].

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