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Glencore paid $254M in taxes to Canadian government in 2020

Swiss nickel miner releases Payments to Governments Report
Glencore control room
(Glencore photo)

Nickel miner Glencore said it paid US$254 million in payments to various levels of government in Canada last year in the form of taxes, royalties and fees.

The Baar, Switzerland-headquartered global miner released its 2020 Payments to Governments Report on June 30.

It's the sixth such report released by Glencore. The company said in a news release that this disclosure is an extension of their corporate values to responsibly source commodities and adhere to a high standard of fiscal transparency.

Glencore said it's contributions to the Canadian economy at large amounted to $544 million in capital expenditures, $5.5 million in wages and benefits to employees and contractors, and $1.8 million in community social investments.

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Globally, their total payments to governments in the countries they operate in were $5.8 billion with $4.6 billion spent on wages and benefits in 2020 for its 135,000 workers, with $95 million on supporting various community initiatives, including $15 million earmarked for pandemic relief.

Glencore operates 150 mining and metallurgical sites and oil production assets in 35 countries.

In Ontario, Glencore's assets consist of the Kidd Mine in Timmins, the world's deepest base metal mine, producing copper and zinc concentrates; and its Sudbury Integrated Nickel Operation comprising two underground copper-nickel mines - Fraser and Nickel Rim South - the Strathcona mill, the Sudbury smelter and the Expert Process Solutions, a mining technology and innovation centre. 

Glencore has one mine project in the Sudbury basin under development, Onaping Depth, approved in 2017, which has the potential to extend the mine life of Sudbury operations to 2035.

Glencore also announced that Gary Nagle officially takes over as CEO on July 1, replacing Ivan Glasenberg who is retiring.