Message Mar 14 Juin 2011 11:48

Zambian Audit Taking Place, Not Been Asked For More Taxes

Glencore CEO: Zambian Audit Taking Place, Not Been Asked For More Taxes
By Devon Maylie
Published June 14, 2011 | Dow Jones Newswires

JOHANNESBURG -(Dow Jones)- Commodity trader Glencore International PLC (GLEN.LN) said Tuesday that the Zambian revenue authorities haven't asked the company to pay more taxes, but that they are carrying out a full audit on the company's Mopani copper project in the country.
"They are doing a full review of the operation," Glencore chief executive officer Ivan Glasenberg said on a results call.
At the start of June the European Investment Bank said it is investigating Glencore following accusations of tax evasion by non-governmental groups and a leaked draft of a Zambian Revenue Authority commissioned study that accused the trader of inflating mine costs and of undervaluing its minerals.
"I believe when the full audit is done at the operation we will be fully vindicated," Glasenberg said.
Glencore previously said the leaked report failed to take into account a number of issues including the rise in labor and electricity costs which outstrips the general inflation rise.
Copyright © 2011 Dow Jones Newswires


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