Glencore down

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fpoi33

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Message Jeu 16 Juin 2011 14:07

Glencore down

FTSE live: Banks lower; Glencore down
By Ed Monk & PA
16 June 2011, 9:47am
(...)
Commodities trader Glencore suffered another dismal session, falling another 12.3p to 460.8p as it moved further away from its 530p flotation price
(...)
Read more: http://www.thisismoney.co.uk/markets/ar ... z1PRLTzJ9x


Glencore must wait to make ENRC move
Daily Mail
16 June 2011, 12:17pm
Commodities trader Glencore has been barred by the Takeover Panel from bidding for miner ENRC for six months, but industry insiders pointed out that the ruling changes very little.


The Swiss-based firm cannot bid for ENRC after chief executive Ivan Glasenberg denied reports of a £12bn offer.
The statement triggered a six-month block under the Takeover Code, although Glencore (down 27p to 473p) said it reserves the right to make a bid in the future.

But an industry insider pointed out that Glencore was in any case blocked from issuing new shares for six months from the date of its float.

Any offer for ENRC would require new shares to be issued, with Glencore unlikely to be able to afford a deal paid for in cash

Read more: http://www.thisismoney.co.uk/markets/ar ... z1PRKi01UN
"Ce que les hommes veulent en fait, ce n'est pas la connaissance, c'est la certitude" B.Russell (1872-1970)
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phili675

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Message Ven 17 Juin 2011 07:51

Mopani says Zambian tax audit was flawed

Mopani says Zambian tax audit was flawed
Thu Jun 16, 2011 4:56pm GMT

LUSAKA, June 16 (Reuters) - The chief executive of Mopani Copper Mines, a Zambian subsidiary of commodity trader Glencore (GLEN.L: Quote), said a leaked audit that found the company had not paid all its taxes was based on flawed methodology.

Emmanuel Mutati made the comments during a BBC debate about mining in Africa, which was part of a conference on the industry in Zambia.

Asked in a tense exchange whether Mopani had "cooked the books", he said: "Absolutely not."

"The auditors failed to understand the process of mining. Fifty percent of the copper that we process comes from other companies," he said.

"The auditors took the total volume of the refinery and attributed it to Mopani," he said.

Zambia will audit more miners after previous audits turned up as much as $200 million in unpaid taxes from the vital economic sector, the country's mines minister told Reuters on Wednesday. [nLDE75E0KT]

Zambia is Africa's top copper producer but it is one of the world's poorest countries and its revenue from the sector accounts for barely 1 percent of government revenue.

President Rupiah Banda told Reuters in March that audits had revealed up to $200 million in back taxes owed.

The country's finance minister recently said an audit showed Mopani still owed taxes but that the company was being given a chance to respond. [ID:nLDE7551UV]

(Reporting by Chris Mfula, writing by Ed Stoddard, editing by Jane Baird)

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