Tag Archives: mining

Mopani copper mine, Zambia

In February 2005, the EIB granted a EUR 48 million loan to Mopani Copper Mine (MCM)[1] for the rebuilding and modernisation of the Mufulira copper smelter. The project was supposed to stimulate economic growth and reduce poverty, secure and stabilize employment in Mufulira and improve the quality of the environment by reducing sulfur and dust […]

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EU Ombudsman urges EIB to disclose investigation into Glencore tax allegations in Zambia

EIB’s failure to disclose the investigation and respect its own transparency policy is an instance of maladministration, says EU Ombudsman. EIB is urged again to make the investigation public. Ruling shows the EU’s public bank needs to become more transparent. Brussels – After Glencore’s tax practices, through which it allegedly shifted profits from Zambia to […]

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NGO letter urges the EIB to make Mopani/Glencore report public

Counter Balance in coordination with ten other NGOs has written a letter to the EIB’s president, Werner Hoyer,  to express our grave concern about the secrecy surrounding the Bank’s investigation of  tax evasion  and  avoidance  allegations  against  Mopani  Copper  Mines  plc,  a  Zambian  company, which is largely owned by GlencoreXstrata.  The investigation was announced by […]

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European money in the Kolubara ‘environmental improvement’ project, Serbia

Our colleagues from CEE Bankwatch Network investigated the Kolubara coalmine in Serbia and the role of the EBRD and KfW in fiancially supporting the project. They found serious problems related to the emissions of the project, negative social impacts on local communities and transparency, accountability and governance issues related to the projects. Read the full […]

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MEPs call for sustainable mining not compatible with increased EIB role, says Counter Balance

Strasbourg – The European Parliament adopted the Bütikofer report (1) on the Commission’s Raw Materials Initiative today. The report calls for strict standards and transparency in mining activities and the need for development in the host country. It specifically asks the European Investment Bank (EIB), which has a record of supporting controversial mining projects on […]

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Press Briefing: Mining, taxation and development – The Glencore/Mopani case

A Summary Glencore, the world’s biggest commodity trader, excited the financial world by announcing its entrance to the London Stock Exchange on May 24th (!). With shares totaling the amount of an estimated 6.3 billion pounds, Glencore will immediately be one of the biggest companies on the LSE. However, in the running up Glencore came […]

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