GLENCORE: We Paid $3.4 Billion In Tax Over The Last 3 Years

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It was reported this morning that Australia’s biggest coal miner, Glencore Coal, paid almost no tax over the past three years. There’s more on that here.

This afternoon the miner issued a statement which said it had paid $3.4 billion in taxes and royalties over the last three years in Australia.

A Glencore spokesperson told Business Insider the report contained a number of “factual errors” and missed tax payments made by Glencore Coal’s parent company.

Glencore said, “hundreds of millions of dollars in taxes we’ve paid here in the last three years” have been missed.

“All of these payments were in accordance with applicable tax laws and the Australian Taxation Office regularly reviews companies’ compliance with these,” the spokesperson said.

The report also claimed Glencore had borrowed from “associates overseas” at inflated rates of 9% on a $3.4 billion loan, the same amount Glencore said they have paid in taxes and royalties.

To that Glencore said the journalist was “in no position to make inferences about our borrowing or lending practices or inter-company sales”.

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