Glencore plc
Glencore plc
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Swiss-based miner and commodity trader Glencore has been ordered by a US judge to pay $US700M in the latest of a string of plea deals over admitted schemes to bribe officials and manipulate markets in several countries between 2007 and 2018.
The sentence of $428.5M fines and $272M forfeiture is in line with a deal reached last year with federal prosecutors in Manhattan, Reuters reports. Prosecutors say the sentence reflected Glencore’s cooperation and willingness to improve its ethics and compliance.
Solomon Islands developer Pacific Nickel Mines is advancing negotiations with Glencore International on a non-binding indicative offer of a $US22M senior secured debt facility for its Kolosori project on Isabel Island.
PNM’s project DFS outlined $US21.5M preproduction funding for the initial 1.5Mwmt direct shipping ore operation expected to commence in the Sept qtr and reach full production by end-2023.
The third attack by community protestors in the last two weeks has led to the suspension of operations by global natural resources company Glencore at its Antapaccay copper mine in Peru.
The raiders have been accused of setting fire to the workers area and looting in a raid that began about noon on Friday, before the company regained control of the site by mid-afternoon.
The signing of key commercial agreements with Glencore International and Evolution Mining support Australian miner Navarre Minerals as it builds production volumes at its Mt Carlton operation in N Qld.
MD Ian Holland says deliveries of gold-silver-copper concentrates will begin immediately under its new offtake agreement and $US7M finance facility with global commodities trader Glencore.
Global miner Glencore has backed off from a $A2B coal mine development in Queensland, Australia – a move linked by mining industry leaders on the state government’s drastic mid-year increase in coal tax royalties.
The Valeria opencut mine in the Bowen Basin was expected to produce up to 20Mtpa ROM metallurgical and thermal coal over 37 years.
Global mining/commodity trader Glencore has reached a further settlement on past allegations of corruption, agreeing to pay $US180M to the Democratic Republic of Congo.
The deal, relating to all present and future claims relating to bribery and market manipulation claims between 2007 and 2018, follows Glencore’s penalty and costs payouts totalling more than $1.5B to authorities in the US, UK and Brazil.
Global miner/marketer Glencore has reached binding agreement on the $US1.1B-plus-royalty sale of long-lived Cobar underground copper mine in Australia to special purpose funder Metals Acquisition Corporation.
Global resource miner and marketer Glencore has finalised terms on the $US1.1B sale of its Cobar underground copper mine in NSW, Australia to special purpose acquisition company MAC.
Their binding agreement over the CSA project, one of Australia’s longest-operating and highest-copper producers, is expected to be completed in the March 2023 qtr.
The Swiss-based company will receive in addition to the staged cash payments a 1.5% net smelter return royalty for the life of the mine.
Glencore has been issued with a financial penalty and costs amounting to £281M by a London court after admitting to five counts of bribery and two of failure to prevent bribery under the UK Bribery Act.
The decision of the Southwark Crown Court is part of a coordinated settlement amounting to about $US1.5B with US, UK and Brazilian authorities.
The company is continuing to cooperate with similar investigations in Switzerland and the Netherlands into past bribery and market manipulation allegations.
BHP has set a deadline of mid-2030 to cease mining at Australia’s largest openpit thermal coal mine after a two-year process seeking a trade sale failed to come up with a viable offer.