#glencore

[alwaysbewoke]

[thoughtlessarse]

Dutch bank ING was involved in a 1.5 billion dollar loan to Chad in 2014 that proved disastrous to the African country. Struggling to repay the controversial loan, Chad resorted to making drastic cuts to healthcare and education that are still impacting the country to this day, the Volkskrant reports. In 2014, former dictator Idriss Déby of Chad made a deal with the Swiss commodities company Glencore for a 1.5 billion dollar loan. The country had a hard time obtaining financial resources due to its poor reputation in the field of human rights. Glencore offered an opportunity. The commodities company even offered to accept repayment in oil instead of cash. The deal was a massive gamble for Chad. The loan represents one-tenth of the country’s gross domestic product. Glencore then went looking for financers for the mega-loan. It finally got 21 institutions involved, including ING. In contrast to Chad, the financial institutions ran little risk. The repayment in oil guaranteed income, even if the African country got into financial trouble. The deal stated that Chad would repay the borrowed money within four years, but things almost immediately went wrong for the country. The oil price plummeted, meaning that Chad was forced to transfer almost all of its oil production to Glencore in order to meet its obligations. It also forced the country to make drastic cuts.

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[godisaknife]

thank you @alachii for tagging me to do this picrew <3

tagging @fortheloveofneps @oppaihun @gabriestat @eskewcity @71e (no pressure ofc!!)

[nando161mando]

"NewRange Copper Nickel plans to build a $1 billion open-pit mine near Babbit, Minnesota, with a processing plant near Hoyt Lakes, making the project the first copper-nickel mine in the state. It was renamed NewRange Copper Nickel in February 2023, but is still widely known as PolyMet.

The mine will be operated by Glencore and Teck who both have troubled histories of corruption & pollution."

[makingcontact]

Powerlands

On this week’s Making Contact, we feature an extended interview with Ivey Camille Manybeads Tso, a queer Diné filmmaker and director of the award-winning documentary Powerlands. Powerlands traces how multinational energy corporations extract resources and profits while displacing and harming Indigenous communities around the world. The film follows Indigenous activists in Navajo Nation,…

[lefkosahaberleri]

Rio Tinto ve Glencore Arasındaki Olası Birleşme Görüşmeleri

New Post has been published on https://lefkosa.com.tr/rio-tinto-ve-glencore-arasindaki-olasi-birlesme-gorusmeleri-35277/

Rio Tinto ve Glencore Arasındaki Olası Birleşme Görüşmeleri

Rio Tinto ve Glencore arasındaki olası birleşme görüşmeleri, madencilik sektöründe dev bir değişim yaratabilir. Bu süreç, piyasalarda nasıl bir etki yaratacak ve şirketlerin stratejik planları neler? Detaylar için makalemizi okuyun.

https://lefkosa.com.tr/rio-tinto-ve-glencore-arasindaki-olasi-birlesme-gorusmeleri-35277/ --------

[danielbrown01uk]

Glencore PLC (LON:GLEN) - A Global Leader In Mining And Commodities

Explore Glencore PLC (LON:GLEN), a global leader in mining, energy, and agricultural commodities. Learn how the company’s diversified operations, focus on sustainability, and commitment to innovation make it a key player in the global resource industry.

[plethoraworldatlas]

Big Tech, Big Oil, and private equity firms are among the leading companies that profit from controlling media and technology, accelerating the climate crisis, privatizing public goods and services, and violating human and workers' rights, the International Trade Union Confederation revealed on Monday.

The ITUC has labeled seven major companies as "corporate underminers of democracy" that lobby against government attempts to hold them accountable and are headed by super-rich individuals who fund right-wing political movements and leaders.

"This is about power, who has it, and who sets the agenda," Todd Brogan, director of campaigns and organizing at the ITUC, toldThe Guardian. "We know as trade unionists that unless we're organized, the boss sets the agenda in the workplace, and we know as citizens in our countries that unless we're organized and demanding responsive governments that actually meet the needs of people, it's corporate power that's going to set the agenda."

The "corporate underminers of democracy" are:

Amazon.com, Inc.

Blackstone Group

ExxonMobil

Glencore

Meta

Tesla

The Vanguard Group

ITUC chose the seven companies based on preexisting reporting and research, as well as talks with allied groups like the Council of Global Unions and the Reactionary International Research Consortium. The seven companies were "emblematic" of a broader trend, and the confederation said it would continue to add "market-leading" companies to the list.

"While these seven corporations are among the most egregious underminers of democracy, they are hardly alone," ITUC said. "Whether state-owned enterprises in China, Russia, and Saudi Arabia; private sector military contractors; or regulation-busting tech startups, the ITUC and its partners will continue to identify and track corporate underminers of democracy and their links to the far-right."

Amazon topped the list due to its "union busting and low wages on multiple continents, monopoly in e-commerce, egregious carbon emissions through its AWS data centers, corporate tax evasion, and lobbying at national and international level," ITUC wrote.

In the U.S., for example, Amazon has responded to attempts to hold it accountable for labor violations by challenging the constitutionality of the National Labor Relations Board. While its founder Jeff Bezos voices liberal opinions, Amazon's political donations have advanced the right by challenging women's rights and antitrust efforts.

Blackstone is the world's largest private equity firm and private real-estate owner whose CEO, Stephen Schwarzman, has given to right-wing politicians including former U.S. President Donald Trump's 2024 reelection campaign. It funds fossil fuel projects and the destruction of the Amazon and profited from speculating on the housing market after the 2008 financial crash.

The United Nations special papporteur on housing said the company used "its significant resources and political leverage to undermine domestic laws and policies that would in fact improve access to adequate housing."

ExxonMobil made the list largely for its history of funding climate denial and its ongoing lobbying against needed environmental regulations.

"Perhaps the greatest example of Exxon's disinterest in democratic deliberation was its corporate commitment of nearly four decades to conceal from the public its own internal evidence that climate change was real, accelerating, and driven by fossil fuel use while simultaneously financing far-right think tanks in the U.S. and Europe to inject climate scepticism and denialism into the public discourse," ITUC wrote.

Glencore is the world's largest commodities trader and the largest mining company when judged by revenue. Several civil society and Indigenous rights groups have launched campaigns against it over its anti-democratic policies. It has allegedly funded right-wing paramilitaries in Colombia and anti-protest vigilantes in Peru.

"The company's undermining of democracy is not in dispute, as it has in recent years pled guilty to committing bribery, corruption, and market manipulation in countries as varied as Venezuela, the Democratic Republic of the Congo, Cameroon, Equatorial Guinea, Cote d'Ivoire, Nigeria, and South Sudan," ITUC said

[matierenews]

Investments in Danger: Glencore Fine of $152 Million for Corruption in the DRC

August 8, 2024

August 7, 2024

By Sylvie Manda

In a landmark decision that underscores the endemic corruption challenges in the Democratic Republic of the Congo (DRC), Swiss authorities have fined mining giant Glencore Plc (LON: GLEN) $152 million for failing to prevent bribery by a business partner in 2011. This development not only brings Glencore's operational ethics into question but also casts a shadow over the investment climate in the resource-rich nation.

The Swiss attorney general’s office (OAG) announced on Monday that prosecutors found Glencore had not implemented sufficient measures to prevent a business partner from bribing a Congolese public official. This bribery was linked to the partner's acquisition of minority stakes in two DRC mining companies from a state-owned enterprise.

Glencore, while not admitting to the findings, has chosen not to appeal the penalty, signaling a desire to move past the issue. "Glencore is pleased to have resolved these investigations relating to past matters that occurred over 13 years ago," stated group chairman Kalidas Madhavpeddi. He emphasized that this resolution marks the conclusion of all previously disclosed government investigations into historical misconduct.

The OAG's summary penalty order notably did not implicate any Glencore employees directly in the bribery nor identified any financial benefit to the company from the business partner's actions. A parallel investigation by the Dutch Prosecution Service also concluded without further penalties for Glencore.

This recent fine adds to the company's considerable legal costs related to corruption allegations globally. In 2022, Glencore agreed to pay the DRC government $180 million to settle other corruption claims from 2007 to 2018. Overall, Glencore has disbursed at least $1.7 billion to settle various bribery and corruption investigations worldwide, including high-profile cases in the US and UK where the company admitted to paying bribes to secure business in eight countries, ranging from Brazil to South Sudan.

A Double-Edged Sword: Investment vs. Corruption

The DRC's immense natural resource wealth, particularly in copper and cobalt, makes it a magnet for foreign investment. However, the recurring corruption scandals involving major multinational companies like Glencore paint a complex picture of the country's investment environment. On one hand, these resources represent significant economic potential and development opportunities. On the other, the pervasive corruption risks deter potential investors and raise the cost of doing business.

For investors, the challenge lies in balancing the lucrative opportunities presented by the DRC's resource sector against the potential legal and ethical pitfalls. The Glencore case is a stark reminder that even well-established companies can become ensnared in the local corruption landscape, leading to substantial financial penalties and reputational damage.

Government Accountability and Corporate Responsibility

The DRC government has a critical role to play in addressing these issues. Ensuring transparent and accountable governance structures is essential to attract and retain foreign investment. Initiatives aimed at strengthening the legal framework and enhancing anti-corruption measures can help mitigate the risks and create a more favorable business environment.

Moreover, multinational corporations operating in high-risk regions like the DRC must rigorously enforce compliance programs and due diligence procedures. Glencore's case illustrates the potential consequences of failing to prevent corrupt practices by business partners. For companies, investing in robust internal controls and fostering a culture of integrity can safeguard against similar legal entanglements.

The Broader Implications

Glencore's $152 million fine is not just a penalty; it is a powerful signal about the costs of corruption. This case serves as a cautionary tale for other companies and investors considering ventures in the DRC. While the country's resources are undeniably attractive, navigating its complex socio-political landscape requires a commitment to ethical practices and a proactive approach to managing corruption risks.

As Glencore works to close the chapter on these historical misconduct issues, the broader investment community will be closely watching the DRC's efforts to reform and attract clean, sustainable investments. The hope is that through collective efforts by the government and private sector, the DRC can transform its rich resources into lasting prosperity, free from the shadows of corruption.

Read Also : Glencore DRC: A Key Partner in the Collaboration Between the Mining and Automotive Industries at the Indaba1 Mining Forum (matierenews.com)

Glencore supports Day Against Child Labor 2 (matierenews.com)

the global producer of cobalt could change hands 6 (matierenews.com)

[porracristo]

ENG🇺🇸 Cybertruck is one of the most anticipated cars in recent years. It will be produced by the electric car manufacturer, Tesla. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Many talk about the benefits of electric cars, but few discuss the production of their batteries. Production requires intensive mining, resulting in environmental destruction, excessive water consumption, and emissions of pollutants. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Tesla has closed a deal with the company Glencore, which will supply 6,000 tons of Cobalt per year, an essential material for battery production. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Glencore has been the subject of various controversies and disputes over the years, such as ch1ld labor, hazardous working conditions, environmental degradation, water pollution, and others. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Although all of this is relevant, the crucial factor is the price of the Cybertruck and whether it will be affordable enough to fill the void caused by capitalism in people's lives…

[godisaknife]

tagged by my fren @godtrauma to post my nine favorite first time watches of 2023! (in no particular order)

tbh i had a lot of good movies to choose from, apparently i watched more than i thought but this new year i hope to have more horror ones to add

tagging @oppaihun @fortheloveofneps @coweyed @caninebalism @eskewcity and anyone who hasn't been tagged by anyone but wants to do this :))

[soup-mother]

Nothing good has ever come out of Switzerland

[makingcontact]

Powerlands

On this week’s Making Contact, we bring you a special encore of an episode that first aired in June. We’ll hear an extended interview with Ivey Camille Manybeads Tso, a queer Diné filmmaker and director of the award-winning documentary Powerlands. Powerlands traces how multinational energy corporations extract resources and profits while displacing and harming Indigenous communities around the…

[whatisthisblogevenabout]

Marie-Chantal [Kaninda] is the Vice President – Corporate Affairs of Glencore DRC. She has more than 25 years of professional experience in the mining sector with large international corporations. For DeBeers Group, she was in charge of administration, communication and external affairs in Central Africa and Communities in Africa, and for Rio Tinto, she was in charge of External Relations for Africa. Marie-Chantal was, for two years, the first woman to head the World Diamond Council.

on Forgotten Parks

President Glencore DRC

Marie-Chantal Kaninda joined Glencore DRC 5 years ago as Vice-President of Corporate Affairs .

Since January 2023 , she is The President of Glencore DRC and Chairman of the Board of Directors of Kamoto Copper Company-KCC(since July 2022) ,a partnership between Gécamines and Glencore in the DRC. She has over 25 years of professional experience in the mining sector in major international groups such as Ashanti Goldfieds, AngloGold Ashanti, Debeers Group in charge of administration, communication and external affairs in Central Africa and Communities in Africa, and Rio Tinto as Director of External Relations for Africa. Marie-Chantal holds a degree in economics from the University of Liège, in Belgium, and for two years was one of the first woman to helm the World Diamond Council. Married with two daughters, she has long advocated for greater access to training for girls and women, as well as for greater inclusion in the mining sector. She is a mentor to several young women entrepreneurs in the DRC, the founder and creator of a not-for-profit association (the MCKM Foundation), which addresses the issue of girls’ education in the DRC. She is a member of several boards of directors, including Standard Bank in DRC as chairman of Board of Director . Marie-Chantal was recognized as one of the most influential women for 3 consecutive years by Forbes Africa”.

on Mining Indaba

on LinkedIn

[iweb-rdc001]

Après avoir décroché 180 millions $ dans l'affaire Glencore, les avocats de la RDC toujours impayés portent plainte contre le régime de Kinshasa qui leur doit 36 millions $

Aussi inimaginable que cela puisse paraître, la République démocratique du Congo sera incessamment appelé à comparaître devant la Cour internationale d’arbitrage de la Chambre de commerce international (CCI) de Paris. En cause, le cabinet d’avocats sud-africains Centurien Law Group qui avait été chargé par les autorités de Kinshasa pour défendre la RDC et obtenir des dédommagements dans l’affaire…