Tag Archives: mopani

Out for Summer, Episode 1: The Ambatovy mine in Madagascar – How the EIB is sweeping a development fiasco under the rug

This summer we would like to shed light on the European Investment Bank’s operations outside the EU. “Out for summer” is a series of articles focusing on different cases of troubled development stories. First stop: Ambatovy, Madagascar. The Ambatovy project, together with the Mopani mine in Zambia, was the last mining project directly financed by […]

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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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The Mopani and Glencore case – an overview

The EIB’s lending to Glencore’s subsidiary Mopani Copper Mine (MCM) in Zambia has been controversial since Counter Balance launched the report ‘Mopani copper mine, Zambia- How European development money has fed a mining scandal’ which conluded that the Mopani copper mine’s contributions to Zambia’s economy and budget are inexistent, the mining company’s social policy is […]

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MEPs call for moratorium on public financing of mining projects

BRUSSELS – In an open letter addressed to the EU president, the EU presidency and the European commission, 50 MEPs from 4 different political parties (S&D, Greens, Gue/Nordic Left and ALDE) call for “a moratorium on EU public financing for mining projects until adequate standards and regulations are in place.” “The added value of mining […]

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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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EU Development Funds Doing More Harm than Good: EIB Supports Company that Dodges Taxes in Zambia

Appeared on Financialtaskforce.org The EU must prove itself as a promoter of development, by ensuring that more funds flow from the North to the South rather than vice versa. The case of tax-dodging Zambian copper mining company Mopani, shows that money from the ‘EU bank’ – The European Investment Bank (EIB) – continues to find […]

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