Tag Archives: glencore

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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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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EIB beneficiaries face complaint for violating OECD “arm’s length” principles

Brussels – Five NGOs (1) have filed a complaint (2) against Glencore International AG and First Quantum Minerals Ltd for violating the OECD guidelines for multinational enterprises as their Zambian subsidiary Mopani Copper Mines (MCM) is alleged of dodging taxes for their benefit. MCM received a €48 million loan from the European Investment Bank (EIB). […]

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Zambian media coverage of Mopani audit

POST NEWSPAPER 1. Mopani is dodging taxes – CSOs -10 Feb. 2011 2. Mopani, taxes -10 Feb. 2011, 3. Prof Saasa urges govt to re-think its position on mining taxes– 11 Feb. 2011 4. Windfall tax justified– 12 Feb. 2011 5. Nawakwi demands audit of all mines -12 Feb. 2011 6. Foreign mine owners have […]

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source: European Parliament

A vote for development

On Thursday the European Parliament votes for the first time on the reviewed mandate of the European Investment Bank (EIB) to lend outside of the EU. The EIB lends EUR 10 billion outside of the EU, but its last mandate to do so was struck down by the European Court of Justice, in part because […]

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Publicly funded Swiss company is dodging taxes in Zambia

Joint press release by Counter Balance, Eurodad, Tax Justice Network and CTPD A Swiss mining company, funded with EU development monies, is siphoning its profits out of Zambia without paying taxes. Instead it is putting the money into a tax haven, Switzerland, according to a document leaked to the Counter Balance coalition . Mopani Copper […]

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