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Glencore PLC Environmental & Social Information 2025
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2024 Payments to Governments Report
GLENCORE
Energising today
Advancing tomorrow
Introduction
Our contribution
Additional information
2024 Glencore Payments to Governments Report
Energising today, advancing tomorrow: As the world moves towards a low-carbon economy, we are focused on supporting the energy needs of today whilst investing in our portfolio of transition-enabling commodities.
Explore our 2024 reporting suite at: glencore.com/publications
Explore our Group Reporting Glossary for the 2024 reporting suite online at: glencore.com/publications
Introduction
Chief Financial Officer's introduction 3
Our business at a glance 4
Performance highlights 6
Our approach to tax and transparency 7
Our contribution
How we contribute 9
Our payments to governments 10
Extractive Industries Transparency Initiative 16
Additional information
Appendix One - Detailed country disclosures 18
About this report 20
Important notice 21
Contact us 21
This document has not been prepared as financial or investment advice or to provide any guidance in relation to our future performance. Refer to the important notice on page 21.
Welcome to Glencore's 2024 Payments to Governments Report
This report addresses our UK regulatory obligations under DTR 4.3A of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (UK Transparency Requirements), which were introduced to implement the payments to governments requirements provided for in the EU Transparency and Accounting Directives. It also includes our commodity trading payments made to state-owned enterprises (SOEs) in countries that have implemented the Extractive Industry Transparency Initiative (EITI) for the purchase of oil and gas and minerals and metals originating in those countries.
Further information on our approach to transparency, including the disclosure of the beneficial ownership information of our active industrial joint ventures in which we hold more than $5\%$ , a list of entities in which the Group owns more than a $20\%$ interest, and our active marketing sales/purchase agents, is available at: glencore.com/who-we-are/transparency.
Alternative performance measures
We include certain adjusted financial and other measures in this report, which are alternative performance measures (APMs) and are not International Financial Reporting Standards. Refer to the Alternative performance measures section beginning on page 254 of the 2024 Annual Report for definitions, explanation of use and reconciliations. APMs are identified by the $\diamond$ symbol.
2024 Glencore Payments to Governments Report
Introduction Our contribution Additional information
Chief Financial Officer's introduction Our business at a glance Performance highlights Our approach to tax and transparency
Chief Financial Officer's introduction
During 2024, our total payments to governments were $7.6 billion in tax, royalty, levy and other payments
Steve Kalmin
Chief Financial Officer
I am pleased to introduce our 2024 Payments to Governments Report.
We believe that we can deliver significant and sustainable economic benefits to our host governments, employees, suppliers and communities. We seek to understand and manage our impacts, support the development of and generate sustainable benefits for our host communities, while also promoting diversified and resilient local economies. We believe that our transparency encourages the responsible management of revenues, supports an improved understanding of our activities
and contributions and strengthens accountability.
In 2024, our total payments to governments were $7.6 billion in tax, royalty, levy and other payments (2023: $12.7 billion). The decrease in total payments to governments compared to 2023 largely reflected lower corporate income tax paid in 2024, primarily due to lower average energy coal prices year-over-year. Around 86.5% of our total payments to governments were paid in Australia, South Africa, Kazakhstan, the Democratic Republic of the Congo (DRC), Canada, Equatorial Guinea, Peru and Chile.
Ethical business practices
Glencore has been subject to a number of investigations over the last few years. We have taken all of these investigations very seriously.
As previously disclosed, in March 2025, the US Department of Justice (DOJ) informed us that they had reviewed our monitorships and were terminating them with immediate effect. As a result of the company's continuous work in response to the monitorships, we have a stronger Ethics and Compliance Programme. We will continue to maintain our strong culture and act responsibly and ethically.
Contributing to our host communities
During 2024, we launched the Glencore Social Contribution Framework. The
framework articulates the goals, operating principles, and governance of our industrial assets' social contributions for enhanced business performance and sustained development outcomes for stakeholders.
Through the Social Contribution Framework, we will continue strengthening our approach to capture our direct social contribution performance, which takes into account both our discretionary payments (that is, voluntarily undertaken at Glencore's discretion) and non-discretionary payments (for example, linked to operating permits).
In addition to our employment, local procurement and taxes, royalties and other levies, we seek to make a positive contribution to the social and economic development of our host communities and society more broadly through our social investment programmes.
Steve Kalmin, Chief Financial Officer
17 June 2025
Highlights in 2024
Governments
$7.6bn
in taxes, royalties and other payments
Applicable tax rate
32.4%
Employees
$6.4bn
in salaries, wages, social security and other benefits
Social contribution
$139m
including discretionary and non-discretionary payments
2024 Glencore Payments to Governments Report
Introduction Our contribution Additional information
0
Chief Financial Officer's introduction
Our business at a glance
Performance highlights
Our approach to tax and transparency
Our business at a glance
| Our Purpose | ... influences our strategic priorities | ... which we deliver through our business model | ... whilst engaging with our stakeholders and creating value |
|---|---|---|---|
| Responsibly sourcing the commodities that advance everyday life | Responsible and ethical business practices | Industrial business | Our people Communities Governments and regulators Unions NGOs and civil society groups |
| Effective capital management | Marketing business | ||
| Strong operational and commercial performance |
2024 Glencore Payments to Governments Report
2024 Glencore Payments to Governments Report
| Introduction | Our contribution | Additional information | ||
|---|---|---|---|---|
| Chief Financial Officer's introduction | Our business at a glance | Performance highlights | Our approach to tax and transparency |
Our business at a glance continued
Our global operations
Headquarters
Marketing
Industrial
One of the world's largest natural resource companies
6
>30
>150k
continents
countries
employees and contractors
For further information, see glencore.com/en/ who-we-are/purpose-and-values/
... delivered through two business segments
Industrial activities
Our industrial business spans the metals and energy markets, producing multiple commodities from around 50 industrial assets
Adjusted EBITDA¹ Industrial 2024
Metals and minerals 52%
Energy and steelmaking coal 48%
$10.6bn
2023: $13.2bn
Marketing activities
We source, market and distribute over 60 commodities that advance everyday life
Adjusted EBIT² Marketing 2024
Metals and minerals 73%
Energy and steelmaking coal 27%
$3.2bn
2023: $3.5bn
... supported by our Values
Safety
We never compromise on safety. We look out for one another and stop work if it's not safe
Integrity
We have the courage to do what's right, even when it's hard. We do what we say and treat each other fairly and with respect
Responsibility
We take responsibility for our actions. We talk and listen to others to understand what they expect from us. We work to improve our commercial, social and environmental performance
Openness
We're honest and straightforward when we communicate. We push ourselves to improve by sharing information and encouraging dialogue and feedback
Simplicity
We work efficiently and focus on what's important. We avoid unnecessary complexity and look for simple, pragmatic solutions
Entrepreneurialism
We encourage new ideas and quickly adapt to change. We're always looking for new opportunities to create value and find better and safer ways of working
5
Introduction Our contribution Additional information
Chief Financial Officer's introduction Our business at a glance Performance highlights Our approach to tax and transparency
Performance highlights
Net (loss)/income attributable to equity holders (US$ billion)
Total borrowings (US$ billion)
Adjusted EBITDA$^{4}$ (US$ billion)
Shareholder returns (US$ billion)
Distributions
Buybacks
Net debt$^{4}$ (US$ billion)
2024 Glencore Payments to Governments Report
Introduction Our contribution Additional information
Our approach to tax and transparency
We are committed to complying with all applicable tax laws, rules and regulations. We pay all relevant taxes, royalties and other levies in amounts determined by the legislation of relevant national, regional or local governments. We seek to maintain long-term, open, transparent and cooperative relationships with tax authorities in our host countries.
Tax transparency
We welcome fiscal transparency as it encourages the responsible management of revenues from our activities. We believe that countries that transparently and effectively allocate natural resource wealth for the benefit of their communities have the potential to attract greater, more responsible and longer-term business investment. It is imperative that businesses, governments and civil society work in partnership to support transparency.
Our global reach and presence in some higher-risk jurisdictions result in Glencore generally having to navigate enhanced complexity and uncertainty in accounting for income taxes, particularly the evaluation of tax exposures and recoverability of deferred tax assets.
Our Board Audit Committee, together with senior management, regularly reviews our potential tax exposures globally and the key estimates taken in determining the positions recorded, including the status of material communications with local tax authorities and the carrying values of deferred tax assets.
Intra-group transactions
The Group comprises separate legal entities established in many jurisdictions. Like many multinational enterprises, our business activities are coordinated (in terms of personnel, assets and capital) on a worldwide basis.
Our global nature necessitates us apportioning overall Group profitability between our operating jurisdictions. International tax law, and in particular the Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines (Guidelines) and Article 9 of the OECD Model Tax Convention, govern this process. These require that individual entities within the Group transact with each other at the same price that they would if they were independent parties and in due recognition of the true value to be accorded to the transaction.
The purpose of this apportionment and of the Guidelines is twofold: for the fair division of Group profit to enable the levying of tax according to where it is earned and to ensure that the same profit is taxed only once.
Our Group Tax Policy, which is approved by the Board on an annual basis and publicly available, commits us to not engineer structures or transactions that exploit transfer-pricing rules by artificially 'transferring' profit into lower tax jurisdictions. We trace all intragroup transactions to value-adding commercial activities.
Reflecting the complexity of the Group's operations, and the legitimate concern of tax administrations to collect the full amount due to them, our transfer pricing is open to audit and challenge from tax administrations.
We approach both scrutiny and dispute in a fair and transparent manner, but we resolutely defend the principle that profit must be taxed only once and that tax administrations are as bound in law by the Guidelines as we are.
Global minimum effective tax rate
Glencore is within the scope of the OECD Base Erosion and Profit Shifting (BEPS) 2.0 initiative. Under the Pillar Two model rules of this initiative, a global minimum effective tax rate of $15\%$ on taxable profit in each jurisdiction has been introduced.
Our continued use of special purpose vehicles in various jurisdictions is to serve a commercial or administrative purpose, has no tax motivation and is fiscally neutral, i.e., it generates neither a tax savings nor a tax expense.
2024 Glencore Payments to Governments Report
Introduction Our contribution Additional information
Our approach to tax and transparency continued
External engagement
We are committed to transparent and constructive dialogue with our stakeholders. We recognise that this is an evolving space and that by understanding a range of external perspectives, we can improve our standards of corporate governance and disclosure.
Throughout the year, we engaged with a variety of stakeholders on tax and transparency matters.
Extractive Industries Transparency Initiative
The EITI is a multi-stakeholder initiative supported by countries, non-governmental organisations (NGOs) and companies in the extractives and commodities trading sector. It promotes open and accountable management of extractive resources. Glencore has been a supporting company since 2011, being active in the extractives as well as the commodity trading industry.
We also take an active role in the EITI's Working Group on Transparency in Commodity Trading, a multi-stakeholder group that works towards increasing transparency in commodity trading.
Our industrial assets in EITI-implementing countries support the ongoing development of the EITI in such countries, by contributing to national reports with local EITI disclosures, participating in EITI multi-stakeholder groups and engaging in policy consultation processes where applicable. For example, in the DRC, we are a member of the EITI's in-country executive committee.
International Council on Mining & Metals
We are an active member of the International Council on Mining & Metals (ICMM). The ICMM is an international organisation made up of 24 mining and metals companies and 45 regional and commodities associations. Its members are committed to strengthening the industry's environmental and social performance and enhancing mining's contribution to society.
Through our membership of the ICMM's mineral resource and tax working groups, we collaborate with our peers to address natural resource governance challenges and improve the transparency of mineral revenues, including their management, distribution or spending.
Investors, analysts and banks
Transparency and disclosure are of great interest to our shareholders and representatives of financial institutions. As part of our annual reporting process, we review and revise our approach to presenting information that is of interest to these stakeholders.
In addition to meeting our regulatory reporting obligations, we also provide periodic operational, financial and market updates to investors and participate in conferences and other events where we provide relevant disclosure and information.
Civil society and non-governmental organisations
We regularly engage with civil society groups and NGOs that have a particular focus on transparency and advancing disclosure. In addition to working with these organisations to understand better the developments in the transparency space, we welcome feedback from these organisations on our Payments to Governments Report.
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our contribution
Mining activities can make a significant contribution to national, regional and local economies, through the provision of employment and training, tax, royalty and levy payments, local procurement, social development and environmental stewardship. Our aim is to minimise negative impacts from our activities and to build partnerships to support sustainable development and growth.
How we contribute
We pay all relevant taxes, royalties and levies required by local and national regulation in our host countries. The payments we make to the governments of the countries in which we operate include local, national, sales and employment taxes, government royalties and licence and permitting fees.
In addition, we contribute to local economies through our use of local suppliers, payment of wages and provision of employee benefits, and voluntary support of socio-economic initiatives such as health and education projects and infrastructure improvements.
Local contribution
We promote employing people from the regions close to our industrial assets. We support families' livelihoods via direct employment at our assets and indirectly via the engagement of contractors and our use of local suppliers. We use local suppliers when appropriate to provide our host countries with employment opportunities that support economic wellbeing and diversification.
Societal contribution
Our social investment programmes are intended to help reduce dependency on our industrial assets, encourage self-reliance and contribute to sustainable regional growth. In remote and underdeveloped areas we install infrastructure, such as roads, water, sanitation and electricity, which is often shared as appropriate with local communities.
Payments to governments and tax transparency
We pay all relevant taxes, royalties and other levies in amounts determined by the legislation of relevant national, regional or local governments. We welcome transparency in the redistribution and reinvestment of these payments. In 2024, our payments to governments totalled $7.6 billion, reflecting the taxes, royalties and other levies we pay in the relevant countries in respect of our marketing and industrial activities.
Payments to governments, calculated in line with the UK Transparency Requirements US$ billion
Our performance in 2024
During 2024, we made payments to governments of $3.7 billion, calculated in line with the UK Transparency Requirements (2023: $9.6 billion).
Amounts in US$'000
| Argentina | $6,423 |
|---|---|
| Australia | $1,815,436 |
| Cameroon | $21,581 |
| Canada | $27,502 |
| Chile | $391,413 |
| Colombia | $(158,167) |
| Democratic Republic of the Congo | $316,936 |
| Equatorial Guinea | $257,126 |
| Kazakhstan | $410,450 |
| Peru | $469,991 |
| South Africa | $156,958 |
In 2024, our total payments to government were $7.6 billion in tax, royalty, levy and other payments (2023: $12.7 billion).
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments
The information in this section has been prepared in the manner outlined in the About this report section on page 20.
Payments by countries
| Amounts in US$ '000 Country | Production entitlements 2024^{1} | Taxes on income 2024^{2}^{a} | Royalties 2024^{3} | Fees 2024^{4} | Infrastructure improvements 2024^{5} | Total payments calculated in line with the UK Transparency Requirements 2024 | Customs/Import/ Excise/Export tax and duties 2024^{6} | Payroll taxes 2024^{7} | Taxes and duties relating to non-extractive activities plus other taxes 2024^{8} | Payments not included in total payments to governments as reported in our Annual and Sustainability Reports 2024^{9} | Total payments to governments 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Argentina | – | 3,777 | – | 148 | 2,498 | 6,423 | – | 5,050 | 5,735 | – | 17,208 |
| Australia | – | 750,912 | 1,043,226 | 21,298 | – | 1,815,436 | 565,856 | 224,792 | 493,329 | – | 3,099,413 |
| Cameroon | 16,077 | 5,504 | – | – | – | 21,581 | – | 8 | 141 | – | 21,731 |
| Canada^{10} | – | 15,951 | – | 9,309 | 2,242 | 27,502 | – | 55,082 | 288,201 | (1,759) | 369,026 |
| Chile | – | 313,794 | 76,932 | 687 | – | 391,413 | – | 4,926 | 106,769 | (364,408) | 138,699 |
| Colombia | – | (389,168) | 220,911 | 10,090 | – | (158,167) | 5,039 | 40,035 | 198,732 | – | 85,639 |
| Democratic Republic of the Congo | – | 18,115 | 173,654 | 607 | 124,560 | 316,936 | 108,009 | 54,041 | 45,641 | – | 524,628 |
| Equatorial Guinea | 164,952 | 37,227 | 54,733 | 214 | – | 257,126 | – | 346 | 1,179 | – | 258,651 |
| Kazakhstan | – | 174,582 | 235,271 | 597 | – | 410,450 | 4,517 | 90,653 | 55,874 | – | 561,494 |
| New Caledonia | – | – | – | – | – | – | – | 28,560 | 12,082 | – | 40,642 |
| Peru^{11} | – | 357,285 | 110,263 | 2,443 | – | 469,991 | – | 12,168 | 4,987 | (283,424) | 193,748 |
| South Africa | – | 111,590 | 45,368 | – | – | 156,958 | – | 5,165 | 1,278,158 | – | 1,440,282 |
| Rest of the World | – | – | – | – | – | – | – | 205,151 | 653,496 | – | 858,647 |
| Total | 181,029 | 1,399,569 | 1,960,358 | 45,393 | 129,300 | 3,715,649 | 683,421 | 725,976 | 3,134,351 | (649,591) | 7,609,807 |
- The reports are not corrected for rounding.
- Production entitlements are payments to governments based on the volume of output, as mandated in any agreement or license. These mandated volume-based calculations can be paid in cash or in-kind and can be net of any other royalty payments. In-kind payments are converted to a dollar amount based on the market price prevailing at the date of settlement.
- Taxes on income are payments to governments based on taxable profits and taxes levied on production. It also includes withholding taxes paid on dividends to shareholders, interest, royalties and services. These taxes are generally represented as income taxes in Clencore's consolidated statement of income.
- Taxes on income include income taxes paid in Peru and Chile relating to Clencore's pro-rata share in independently managed joint ventures (Antamina and Collahuasi) amounting to a total of $648 million. Colombian taxes were negative in 2024 due to the refund in 2024 of significant overpayments made in 2023, required to be made provisionally, owing to the abnormally high levels of taxable income generated in the 2022 calendar year. Clencore paid $1.9 billion of Colombian taxes on income in 2023.
- Royalties are payments to governments in respect of revenue or production related to the extraction of mineral, coal, oil and gas reserves.
- Fees are payments to governments where no specific service is associated with the payment, but rather constitutes a 'levy' on the initial or ongoing right to use an area for exploration, development and/or production. Such fees include licenses, rentals, entry fees and other consideration for licenses and concessions.
- Infrastructure improvements are payments to governments, comprising the provision of public access infrastructure, such as roads and bridges. Payments are either in the form of cash or in-kind contributions (the completed infrastructure). Payments in respect of social or community programs such as building/providing a hospital, school or playground are excluded.
- Customs, export and import duties are payments to governments in relation to goods imported into and/or exported from a country. Customs duties are usually imposed on an ad valorem basis, but sometimes on the basis of specific duties charged on particular items. These payments have been voluntarily added to this report.
- Payroll taxes include payments made by the employer only; payments made on behalf of employees amounted to a total of $1,278 million.
- Taxes and duties paid relating to non-extractive activities are considered without payroll tax. Other taxes include: wealth tax, stamp duties, transfer tax, environmental tax and other taxes according to local law.
- Payments not included in the total amount of payments made to governments as included in our 2024 Annual and Sustainability Reports, the scope of which is defined in our 2024 Basis of Reporting, are primarily payments relating to Clencore's pro-rata share in certain joint ventures not controlled or operated by Clencore.
- In May 2024, Clencore disposed of its 23.3% interest in Volcan.
- The numbers include Elk Valley Resources (EVR) from the date of acquisition in July 2024.
2024 Clencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments continued
Payments by government
| Amounts in US$ '000 | Production entitlements 2024² | Taxes on income 2024³⁴ | Royalties 2024⁵ | Fees 2024⁶ | Infrastructure improvements 2024⁷ | Total 2024 |
|---|---|---|---|---|---|---|
| Argentina | ||||||
| National – Agencia de Recaudacion y Control Aduanero (ARCA) | – | 3,777 | – | – | – | 3,777 |
| Local – Dirección Hidráulica, Dirección Minera, Municipios | – | – | – | 148 | – | 148 |
| Local – Dirección Provincial de Vialidad | – | – | – | – | 2,498 | 2,498 |
| – | 3,777 | – | 148 | 2,498 | 6,423 | |
| Australia | ||||||
| National – Australian Taxation Office (ATO) | – | 750,912 | – | – | – | 750,912 |
| Regional – New South Wales – Office of State Revenue | – | – | 506,560 | 5,891 | – | 512,451 |
| Regional – Northern Territory – Territory Revenue Office | – | – | 10,406 | – | – | 10,406 |
| Regional – Queensland – Office of State Revenue | – | – | 511,759 | 11,888 | – | 523,647 |
| Regional – Western Australia – Office of State Revenue | – | – | 14,501 | 3,519 | – | 18,020 |
| – | 750,912 | 1,043,226 | 21,298 | – | 1,815,436 | |
| Cameroon | ||||||
| National – National Hydrocarbons Corporation | 16,077¹⁴ | – | – | – | – | 16,077 |
| National – Public Treasury | – | 5,504 | – | – | – | 5,504 |
| 16,077 | 5,504 | – | – | – | 21,581 | |
| Canada¹⁵ | ||||||
| National – Canada Revenue Agency – Receiver General for Canada | – | 4,064 | – | – | – | 4,064 |
| Regional – British Columbia – Ministry of Finance | – | 13,985 | – | 1,249 | – | 15,234 |
| Regional – Government of British Columbia | – | – | – | 1,453 | – | 1,453 |
| Regional – Ontario – Ministry of Finance | – | (4,580) | – | 342 | – | (4,238) |
| Regional – Qaqqalik Landholding Corporation | – | – | – | 257 | – | 257 |
| Regional – Quebec – Ministry of Finance | – | 2,482 | – | 555 | – | 3,037 |
| Local – District of Sparwood | – | – | – | 79 | – | 79 |
| Local – Kativik Regional Government | – | – | – | – | 2,242 | 2,242 |
| Local – Ktunaxa Nation Council | – | – | – | 227 | – | 227 |
¹⁴ Comprises production entitlement of 206,000 bbls lifted at government sales price (GSP). Production entitlement which is paid in-kind includes all streams of production payments to the state and state national oil company (NOC) for volumes lifted. Under the production sharing contract, production entitlement is calculated on a production volume basis, however, payments are tied to lifted volumes.
| Amounts in US$ '000 | Production entitlements 2024² | Taxes on income 2024³⁴ | Royalties 2024⁵ | Fees 2024⁶ | Infrastructure improvements 2024⁷ | Total 2024 |
|---|---|---|---|---|---|---|
| Local – Makivvik Corporation (pursuant to the Raglan Agreement) | – | – | – | 5,147 | – | 5,147 |
| – | 15,951 | – | 9,309 | 2,242 | 27,502 | |
| Chile | ||||||
| National – Tesorería General de la Republica | – | – | – | 120 | – | 120 |
| National – Tesorería General de la Republica – Servicios de Impuestos Internos (SII) | – | 313,794 | 76,932 | – | – | 390,726 |
| Local – Sierra Gorda – Municipalidad | – | – | – | 567 | – | 567 |
| – | 313,794 | 76,932 | 687 | – | 391,413 | |
| Colombia | ||||||
| National – Agencia Nacional de Minería (ANM) | – | – | 220,911 | – | – | 220,911 |
| National – Dirección de Impuestos y Aduanas Nacionales (DIAN) | – | (389,168) | – | – | – | (389,168) |
| National – Fondo Nacional Ambiental (FONAM) | – | – | – | 136 | – | 136 |
| National – Instituto Nacional de Vías (INVIAS) | – | – | – | 9,361 | – | 9,361 |
| Local – Corporación Autónoma Regional de La Guajira (CORPOGUAJIRA) | – | – | – | 244 | – | 244 |
| Local – Municipio de Uribia | – | – | – | 349 | – | 349 |
| – | (389,168) | 220,911 | 10,090 | – | (158,167) | |
| Democratic Republic of the Congo | ||||||
| National – Direction Générale des impôts (DGI) | – | 18,115 | – | – | – | 18,115 |
| National – Direction Générale des Recettes Administratives, Judiciaires, Domaniales et de Participation (DGRAD) | – | – | 82,436 | 607 | – | 83,043 |
| National – Fonds minier pour les générations future (FOMIN) | – | – | 21,082 | – | – | 21,082 |
| National – National Fund for Reparation for Victims of Sexual Violence and other serious crimes (FONAREV) | – | – | 12,891 | – | – | 12,891 |
| National – Société Nationale d'Électricité (SNEL) | – | – | – | – | 91,610 | 91,610 |
| Regional – Direction des Recettes du Haut-Katanga (DRHKAT) | – | – | – | – | 5,471 | 5,471 |
| Regional – Direction des Recettes du Lualaba (DRLU) | – | – | 35,627 | – | 24,479 | 63,106 |
| Local – Dila | – | – | 17,172 | – | – | 17,172 |
| Local – Luilu Sector | – | – | 4,446 | – | – | 4,446 |
| – | 18,115 | 173,654 | 607 | 124,560 | 316,936 |
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments continued
| Amounts in US$ '000 | Production entitlements 20242 | Taxes on income 202434 | Royalties 20243 | Fees 20243 | Infrastructure improvements 20247 | Total 2024 |
|---|---|---|---|---|---|---|
| Equatorial Guinea | ||||||
| National – GEPetrol | 164,9525 | - | 54,7335 | - | - | 219,685 |
| National – Ministry of Mines and Hydrocarbons | - | - | - | 214 | - | 214 |
| National – Public Treasury | - | 37,227 | - | - | - | 37,227 |
| 164,952 | 37,227 | 54,733 | 214 | - | 257,126 | |
| Kazakhstan | ||||||
| Local – Republican State Entity of the State Revenue Authority of Ust-Kamenogorsk City | - | 174,582 | 235,271 | 597 | - | 410,450 |
| - | 174,582 | 235,271 | 597 | - | 410,450 | |
| Peru11 | ||||||
| National – Instituto Geológico Minero y Metalúrgico (INGEMMET) | - | - | - | 2,443 | - | 2,443 |
| National – Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) | - | 357,285 | 110,263 | - | - | 467,548 |
| - | 357,285 | 110,263 | 2,443 | - | 469,991 | |
| South Africa | ||||||
| National – South African Revenue Service (SARS) | - | 111,590 | 45,368 | - | - | 156,958 |
| - | 111,590 | 45,368 | - | - | 156,958 | |
| Total | 181,029 | 1,399,569 | 1,960,358 | 45,393 | 129,300 | 3,715,649 |
-
Comprises production entitlement of estimated 2,649,000 barrels of oil equivalent valued at an estimated sales price. Production entitlement, which is paid in-kind, includes all streams of production payments to the state and state NOC of Equatorial Guinea for volumes lifted, excluding royalties. Under the respective production sharing contracts, production entitlements and royalties are calculated on a produced volume basis. However, since payments are tied to lifted volumes, the split of total estimated lifted volumes between production entitlement and royalties has been approximated. We do not have sight of the actual volumes of liquefied natural gas (LNG) lifted by the state or state NOC of Equatorial Guinea or the realised prices of those lifted volumes, as we do not market those volumes on behalf of the state or state NOC of Equatorial Guinea. We have estimated the attributable royalty and entitlement production volumes and values. LNG prices have been estimated based on the month average implied Equatorial Guinea free on board (FOB) prices in the month of lifting based on published European LNG benchmarks, including estimates for transport to index hubs. The calculated royalty and production entitlement values are gross of any associated upstream costs including liquefaction costs and tolls paid.
-
Comprises royalties of estimated 866,000 barrels of oil equivalent valued at an estimated sales price. Royalties represent a percentage of production paid in-kind to the state of Equatorial Guinea. Under the respective production sharing contracts, production entitlements and royalties are calculated on a produced volume basis. However, since payments are tied to lifted volumes, the split of total estimated lifted volumes between production entitlement and royalties has been approximated. We do not have sight of the actual volumes of LNG lifted by the state or state NOC of Equatorial Guinea or the realised prices of those lifted volumes, as we do not market those volumes on behalf of the state or state NOC of Equatorial Guinea. We have estimated the attributable royalty and entitlement production volumes and values. LNG prices have been estimated based on the month average implied Equatorial Guinea FOB prices in the month of lifting based on published European LNG benchmarks, including estimates for transport to index hubs. The calculated royalty and production entitlement values are gross of any upstream costs including associated liquefaction costs and tolls paid.
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments continued
Payments by project
| Amounts in US$ '000 | Production entitlements 2024^{1} | Taxes on income 2024^{3,4} | Royalties 2024^{5} | Fees 2024^{6} | Infrastructure improvements^{7} | Total 2024 |
|---|---|---|---|---|---|---|
| Argentina | ||||||
| Pachon Project – San Juan | – | 3,777 | – | 148 | 2,498 | 6,423 |
| – | 3,777 | – | 148 | 2,498 | 6,423 | |
| Australia | ||||||
| Entity level | – | 742,641 | – | – | – | 742,641 |
| New South Wales Project – energy coal | – | 8,271 | 506,560 | 5,891 | – | 520,722 |
| Northern Territory Project – McArthur River – zinc | – | – | 10,406 | – | – | 10,406 |
| Queensland Project – steelmaking coal | – | – | 310,482 | 2,543 | – | 313,025 |
| Queensland Project – Mount Isa Mines – copper/zinc | – | – | 63,965 | 4,688 | – | 68,553 |
| Queensland Project – energy coal | – | – | 137,312 | 4,657 | – | 141,969 |
| Western Australian Project – Murrin Murrin – nickel | – | – | 14,501 | 3,519 | – | 18,020 |
| – | 750,912 | 1,043,226 | 21,298 | – | 1,815,436 | |
| Cameroon | ||||||
| Bolongo Project | 16,077 | 5,504 | – | – | – | 21,581 |
| 16,077 | 5,504 | – | – | – | 21,581 | |
| Canada^{11} | ||||||
| British Columbia Project – steelmaking coal | – | 13,985 | – | 3,007 | – | 16,992 |
| Entity level | – | (15,593) | – | – | – | (15,593) |
| Ontario Project – various exploration projects | – | – | – | 342 | – | 342 |
| Quebec Project – Raglan | – | 22,139 | – | 5,888 | 2,242 | 30,269 |
| Quebec Project – Sudbury | – | (4,580) | – | – | – | (4,580) |
| Quebec Project – various exploration projects | – | – | – | 72 | – | 72 |
| – | 15,951 | – | 9,309 | 2,242 | 27,502 | |
| Amounts in US$ '000 | Production entitlements 2024^{1} | Taxes on income 2024^{3,4} | Royalties 2024^{5} | Fees 2024^{6} | Infrastructure improvements^{7} | Total 2024 |
| --- | --- | --- | --- | --- | --- | --- |
| Chile | ||||||
| Collahuasi Project – Minera Collahuasi | – | 293,554 | 70,854 | – | – | 364,408 |
| II Region Antofagasta Project – Minera Lomas Bayas | – | 20,240 | 6,078 | 687 | – | 27,005 |
| – | 313,794 | 76,932 | 687 | – | 391,413 | |
| Colombia | ||||||
| Cerrejón Project – Carbones de Cerrejón | – | (389,168) | 220,911 | 10,090 | – | (158,167) |
| – | (389,168) | 220,911 | 10,090 | – | (158,167) | |
| Democratic Republic of the Congo | ||||||
| DRC Copperbelt Region Project – Katanga (KCC) | – | 15,653 | 136,400 | – | 108,837 | 260,890 |
| DRC Copperbelt Region Project – Mutanda (MUMI) | – | 2,462 | 37,253 | 607 | 15,723 | 56,045 |
| – | 18,115 | 173,653 | 607 | 124,560 | 316,935 | |
| Equatorial Guinea | ||||||
| Block I – Aseng Project | 9,357 | 4,712 | 7,253 | 100 | – | 21,422 |
| Block O – Alen Project | 155,595 | 32,515 | 47,480 | 114 | – | 235,590 |
| 164,952 | 37,227 | 54,733 | 214 | – | 257,126 | |
| Kazakhstan | ||||||
| Kazakhstan Projects – Kazzinc | – | 174,582 | 235,271 | 597 | – | 410,450 |
| – | 174,582 | 235,271 | 597 | – | 410,450 |
2024 Glencore Payments to Governments Report
13
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments continued
| Amounts in US$ '000 | Production entitlements 2024^{2} | Taxes on income 2024^{34} | Royalties 2024^{5} | Fees 2024^{5} | Infrastructure improvements^{7} | Total 2024 |
|---|---|---|---|---|---|---|
| Peru^{11} | ||||||
| Animon Project – Minera Chungar | – | 270 | 446 | – | – | 716 |
| Antamina Project – Minera Antamina | – | 215,643 | 67,781 | – | – | 283,424 |
| Cusco Project – Minera Antapaccay | – | 137,907 | 40,170 | 2,443 | – | 180,520 |
| Huaral Project – Generación Eléctrica Rio Baños | – | 23 | – | – | – | 23 |
| Huaral Project – Hidroelectrica Tingo | – | 8 | – | – | – | 8 |
| Huarochiri Project – Hidroelectrica Huanchor | – | 19 | – | – | – | 19 |
| Pasco Project – Empresa Administradora Cerro | – | 225 | 491 | – | – | 716 |
| Pasco Project – Minera Paragsha | – | 41 | – | – | – | 41 |
| Vinchos Project – EE-Vinchos Ltda. | – | 3 | – | – | – | 3 |
| Yauli Project – Volcan C Minera SAA | – | 3,146 | 1,375 | – | – | 4,521 |
| – | 357,285 | 110,263 | 2,443 | – | 469,991 | |
| South Africa | ||||||
| Limpopo Province Project – ferroalloys | – | 49,938 | 20,978 | – | – | 69,736 |
| Mpumalanga Province Project – energy coal | – | 25,803 | 15,364 | – | – | 41,167 |
| Northern Cape Province Project – manganese | – | – | 2,212 | – | – | 2,212 |
| North West Province Project – ferroalloys | – | 36,849 | 6,994 | – | – | 43,843 |
| – | 111,590 | 45,368 | – | – | 156,958 | |
| Total | 181,029 | 1,399,569 | 1,960,357 | 45,393 | 129,300 | 3,715,648 |
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Our payments to governments continued
Payments by region and commodity
| Amounts in US$ '000 | Production entitlements 2024² | Taxes on income 2024³,⁴ | Royalties 2024⁵ | Fees 2024⁶ | Infrastructure improvements 2024⁷ | Total 2024 |
|---|---|---|---|---|---|---|
| Coal assets | ||||||
| Australian steelmaking coal | – | – | 310,482 | 2,543 | – | 313,025 |
| Australian energy coal | – | 8,271 | 643,872 | 10,548 | – | 662,691 |
| Colombia: Cerrejón | – | (389,168) | 220,911 | 10,090 | – | (158,167) |
| North America steelmaking coal¹⁵ | – | 13,985 | – | 3,007 | – | 16,992 |
| South African energy coal | – | 25,803 | 15,364 | – | – | 41,167 |
| – | (341,109) | 1,190,629 | 26,188 | – | 875,708 | |
| Copper assets | ||||||
| Africa: Katanga, Mutanda | – | 18,115 | 173,653 | 607 | 124,560 | 316,985 |
| Other South America: Lomas Bayas, Antapaccay, El Pachon Project | – | 161,924 | 42,248 | 3,278 | 2,498 | 213,948 |
| South America: Antamina | – | 215,643 | 67,781 | – | – | 283,424 |
| South America: Collahuasi | – | 293,554 | 70,854 | – | – | 364,408 |
| – | 689,236 | 358,536 | 3,885 | 127,058 | 1,178,715 | |
| Corporate & entity level | ||||||
| Entity level | – | 727,048 | – | – | – | 727,048 |
| Various exploration projects | – | – | – | 414 | – | 414 |
| – | 727,048 | – | 414 | – | 727,462 | |
| Ferroalloys assets | ||||||
| South Africa: ferroalloys | – | 85,787 | 27,792 | – | – | 113,579 |
| South Africa: manganese | – | – | 2,212 | – | – | 2,212 |
| – | 85,787 | 30,004 | – | – | 115,791 | |
| Nickel assets | ||||||
| Australia: Murrin Murrin | – | – | 14,501 | 3,519 | – | 18,020 |
| North America: Raglan, Sudbury, Qaqalik Landholding, Makivik, Kativik | – | 17,559 | – | 5,888 | 2,242 | 25,689 |
| – | 17,559 | 14,501 | 9,407 | 2,242 | 43,709 | |
| Amounts in US$ '000 | Production entitlements 2024² | Taxes on income 2024³,⁴ | Royalties 2024⁵ | Fees 2024⁶ | Infrastructure improvements 2024⁷ | Total 2024 |
| --- | --- | --- | --- | --- | --- | --- |
| Oil assets | ||||||
| Cameroon | 16,077¹⁴ | 5,504 | – | – | – | 21,581 |
| Equatorial Guinea | 164,952¹⁵ | 37,227 | 54,733¹⁶ | 214 | – | 257,126 |
| 181,029 | 42,731 | 54,733 | 214 | – | 278,707 | |
| Zinc assets | ||||||
| Australia: Mount Isa, McArthur River | – | – | 74,371 | 4,688 | – | 79,059 |
| Kazakhstan: Kazzinc | – | 174,582 | 235,271 | 597 | – | 410,450 |
| Other zinc: Argentina, Peru¹⁷ | – | 3,735 | 2,312 | – | – | 6,047 |
| – | 178,317 | 311,954 | 5,285 | – | 495,556 | |
| Total | 181,029 | 1,399,569 | 1,960,357 | 45,393 | 129,300 | 3,715,648 |
2024 Glencore Payments to Governments Report
15
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Extractive Industries Transparency Initiative
We recognise the contribution of EITI's principles of transparency and accountability towards establishing a global standard of good governance for the extractives and commodity trading industries.
As part of our extractive business, our industrial assets in EITI-implementing countries contribute, where applicable, to the national EITI reports by providing the relevant EITI disclosure to the multi-stakeholder-groups in the relevant country.
Since 2017, we have disclosed our commodity trading payments made to state-owned enterprises (SOEs) in EITI-implementing countries for oil and gas purchases and since 2019, for metals and minerals.
The EITI's transparency and accountability principles also cover minerals extracted in and sold by SOEs of EITI-implementing countries. As such, we disclose the relevant payments we made to SOEs in EITI-implementing countries for the purchases of minerals and metals.
Our commodity trading payments disclosures have been prepared with regard to the EITI's reporting guidelines for companies buying oil, gas and minerals from governments and SOEs.
Oil and gas
Payments for crude oil and gas purchased from SOEs in EITI-implementing countries.
To the extent possible, we have provided information detailing the purchases of oil and gas from SOEs in EITI-implementing countries in line with their EITI commitment to more detailed disclosures. For the avoidance of doubt, this excludes purchases from counterparties in EITI-implementing countries or SOEs of EITI-implementing countries where the disclosure of information in accordance with requirement 4.2 of the 2023 EITI Standard (EITI Standard) is not applicable. We believe that the level of detail disclosed furthers the EITI's objective of increased transparency and governance, as well as supporting civil society to hold governments to account.
During 2024, we did not enter into any oil and gas swap transactions with SOEs in EITI-implementing countries.
| Counterparty name | Counterparty country | Load port | Buying entity | Volume | Grade | Incoterm | Bill of lading date | Type of oil |
|---|---|---|---|---|---|---|---|---|
| SONANGOL – Sociedade Nacional De Combustíveis De Angola EP | Angola | Cabinda | Glencore Energy UK Ltd | 951.89 | Cabinda | FOB | 25.01.2024 | Equity production from NOCs owned domestic fields |
| SONANGOL – Sociedade Nacional De Combustíveis De Angola EP | Angola | Cabinda | Glencore Energy UK Ltd | 948.84 | Cabinda | FOB | 11.05.2024 | Equity production from NOCs owned domestic fields |
| SONANGOL – Sociedade Nacional De Combustíveis De Angola EP | Angola | Cabinda | Glencore Energy UK Ltd | 950.86 | Cabinda | FOB | 29.09.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 996.86 | Doba | FOB | 04.12.2023 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 995.17 | Doba | FOB | 14.11.2023 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 950.95 | Doba | FOB | 15.01.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 953.43 | Doba | FOB | 29.02.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 993.65 | Doba | FOB | 30.03.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 922.30 | Doba | FOB | 22.04.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 998.24 | Doba | FOB | 28.05.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 945.11 | Doba | FOB | 28.06.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 950.27 | Doba | FOB | 23.07.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 949.98 | Doba | FOB | 29.08.2024 | Equity production from NOCs owned domestic fields |
| Societe des hydrocarbures du Tchad | Chad | Kome Kribii | Glencore Energy UK Ltd | 940.78 | Doba | FOB | 19.09.2024 | Equity production from NOCs owned domestic fields |
Aggregate value: US$1,061,379,419
Payments for oil purchased from SOEs in non-EITI-implementing countries
We have aggregated this information by volume and value only as these countries have not committed to detailed disclosures.
Volume (thousand barrels)
147,868
Value (US$)
11,945,248,680
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
How we contribute
Our payments to governments
Extractive Industries
Transparency Initiative
Extractive Industries Transparency Initiative continued
Metals and minerals
Payments for metals and minerals purchased from SOEs in EITI-implementing countries
To the extent possible, we have provided information on purchases of metals and minerals from SOEs in EITI-implementing countries. This excludes purchases from counterparties in EITI-implementing countries or SOEs of EITI-implementing countries where requirement 4.2 of the EITI Standard is not applicable.
| Copper | Counterparty name | Counterparty country | Load port | Buying entity | Volume (Ml) | Commodity | Incoterm | Bill of lading date |
|---|---|---|---|---|---|---|---|---|
| Mopani Copper Mines plc | Zambia | Kitwe | Glencore International AG | 28,634 | Copper cathode | FCA/DAP | 02.01.2024 – 30.06.2024 | |
| Ok Tedi Mining Ltd | Papua New Guinea | Port Moresby | Pasar | 40,385 | Copper concentrates | CIF | 26.08.2024 – 20.11.2024 | |
| PT Freeport Indonesia | Indonesia | Amamapare | Glencore International AG | 125,964 | Copper concentrates | CIF | 06.01.2024 – 26.11.2024 | |
| PT Freeport Indonesia | Indonesia | Surabaya | Glencore International AG | 143 | Copper slimes | CIF | 27.03.2024 – 02.05.2024 | |
| PT Freeport Indonesia | Indonesia | Amamapare | Pasar | 90,571 | Copper concentrates | CIF | 02.04.2024 – 16.11.2024 |
Aggregate value: US$1,310,124,315
| Iron ore | Counterparty name | Counterparty country | Load port | Buying entity | Volume (Ml) | Commodity | Incoterm | Bill of lading date |
|---|---|---|---|---|---|---|---|---|
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 176,041 | Iron ore | FOB | 06.01.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 174,176 | Iron ore | FOB | 25.01.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 178,485 | Iron ore | FOB | 29.01.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 178,057 | Iron ore | FOB | 05.02.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 175,060 | Iron ore | FOB | 22.04.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 171,230 | Iron ore | FOB | 20.06.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 89,087 | Iron ore | FOB | 21.10.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 89,088 | Iron ore | FOB | 21.10.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 179,165 | Iron ore | FOB | 25.10.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 179,165 | Iron ore | FOB | 25.10.2024 | |
| La Societe Nationale | Mauritania | Nouadhibou | Glencore International AG | 177,316 | Iron ore | FOB | 29.10.2024 |
Aggregate value: US$200,721,515
| Nickel | Counterparty name | Counterparty country | Load port | Buying entity | Volume (Ml) | Commodity | Incoterm | Bill of lading date |
|---|---|---|---|---|---|---|---|---|
| PT Aneka Tambang Tbk. | Indonesia | Surabaya | Glencore International AG | 2742 | Ferro nickel | CIF European Main port | 07.04.2024 |
Aggregate value: US$7,344,162
| Zinc | Counterparty name | Counterparty country | Load port | Buying entity | Volume (Ml) | Commodity | Incoterm | Bill of lading date |
|---|---|---|---|---|---|---|---|---|
| Indometal (London) Ltd | Indonesia | Bilbao | Glencore International AG | 50 | Tin metal | CIF CY | 05.09.2024 – 08.10.2024 | |
| Indometal (London) Ltd | Indonesia | Gebze | Glencore International AG | 25 | Tin metal | CIF CY | 17.07.2024 | |
| Indometal (London) Ltd | Indonesia | Genova | Glencore International AG | 25 | Tin metal | CIF CY | 03.09.2024 | |
| Indometal (London) Ltd | Indonesia | Rotterdam | Glencore International AG | 240 | Tin metal | CIF CY/ EKW | 11.01.2024 – 06.09.2024 | |
| Indometal (London) Ltd | Indonesia | Santurtzi | Glencore International AG | 25 | Tin metal | CIF CY | 08.11.2024 | |
| Indometal (London) Ltd | Indonesia | Singapore | Glencore International AG | 475 | Tin metal | CIF CY | 14.01.2024 – 28.12.2024 | |
| Indometal (London) Ltd | Indonesia | Trieste | Glencore International AG | 100 | Tin metal | CIF CY | 02.07.2024 – 09.09.2024 |
Aggregate value: US$29,276,685
Payments made to SOEs for the purchase of minerals and metals in non-EITI-implementing countries during 2024
During 2024, our purchases included aluminium, alumina, coal, copper concentrates, copper cathodes, copper slimes, high-carbon ferrochrome, molybdenum, nickel uncut cathodes, lithium, lead concentrates, lead metal, tin metal, zinc concentrates and zinc metal with an aggregate value of US$7,780,698,403. We have aggregated this information by value only as these countries have not committed to detailed disclosures.
2024 Glencore Payments to Governments Report
Introduction
Our contribution
Additional information
Appendix One – Detailed country disclosures
About this report
Further information
Appendix One – Detailed country disclosures
We have received specific requests from civil society organisations and other interested stakeholders for a more detailed breakdown of the contributions we make in the DRC and South Africa. These contributions are detailed below and on the following page.
Democratic Republic of the Congo
The following details our payments to the DRC government from 2022 to 2024:
| US$'000 | Payroll* | State royalties | Corporate tax | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC |
| 2022 | 33,100 | 10,163 | 43,263 | 193,500 | 84,839 | 278,339 | 464,050 | 5,308 | 469,358 |
| 2023 | 37,599 | 12,216 | 49,816 | 125,235 | 32,434 | 157,669 | 211,645 | 81,552 | 293,197 |
| 2024 | 41,629 | 12,412 | 54,041 | 136,400 | 37,254 | 173,654 | 15,653 | 2,462 | 18,115 |
| Total | 112,328 | 34,792 | 147,120 | 455,135 | 154,527 | 609,662 | 691,348 | 89,322 | 780,670 |
| US$'000 | Provincial (road) taxes | Export taxes | Import taxes | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC |
| 2022 | 21,450 | 6,525 | 27,975 | 37,317 | 8,454 | 45,771 | 92,759 | 18,619 | 111,378 |
| 2023 | 17,250 | 5,183 | 22,433 | 26,145 | 7,003 | 33,148 | 79,638 | 10,467 | 90,106 |
| 2024 | 25,050 | 7,899 | 32,949 | 30,227 | 6,953 | 37,180 | 57,987 | 12,842 | 70,829 |
| Total | 63,750 | 19,607 | 83,357 | 93,689 | 22,410 | 116,099 | 230,384 | 41,928 | 272,313 |
| US$'000 | Central Bank tax on repatriations | Other | Total tax* | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC | KCC | MUMI | Total DRC |
| 2022 | 6,316 | 941 | 7,257 | 105,076 | 49,340 | 154,416 | 953,568 | 184,190 | 1,137,758 |
| 2023 | 4,788 | 1,679 | 6,467 | 187,499 | 83,011 | 270,510 | 689,801 | 233,544 | 923,345 |
| 2024 | 4,884 | 1,042 | 5,926 | 90,602 | 41,331 | 131,933 | 402,432 | 122,195 | 524,628 |
| Total | 15,988 | 3,661 | 19,649 | 383,177 | 173,682 | 556,859 | 2,045,801 | 539,930 | 2,585,731 |
- Payroll taxes: include payments made by the employer only.
- Since 2018, over $1 billion has also been paid in value added tax (VAT) which should be refunded in the ordinary course but thus far has not been. For the 2022-2024 period, such payments were $362 million for KCC and $90 million for MUMI.
2024 Clencore Payments to Governments Report
Introduction Our contribution Additional information
Appendix One - Detailed country disclosures About this report Further information
Appendix One - Detailed country disclosures continued
South Africa
The following details our payments to the South African government from 2022 to 2024:
| US$'000 | Payroll1) | State royalties | Corporate tax | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Ferroalloys | Manganese | Coal | Total Extractive | Ferroalloys | Manganese | Coal | Total Extractive | Ferroalloys | Coal | Total Extractive |
| 2022 | 2,104 | - | 4,167 | 6,271 | 28,117 | - | 148,377 | 176,494 | 197,403 | 406,479 | 603,882 |
| 2023 | 3,819 | - | 1,883 | 5,702 | 34,997 | - | 26,578 | 61,575 | 138,711 | 85,512 | 224,223 |
| 2024 | 3,123 | 24 | 2,019 | 5,165 | 27,793 | 2,212 | 15,363 | 45,368 | 85,787 | 25,803 | 111,590 |
| Total | 9,046 | 24 | 8,068 | 17,138 | 90,907 | 2,212 | 190,319 | 283,438 | 421,901 | 517,795 | 939,695 |
| US$'000 | Other | Total tax | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year | Ferroalloys | Manganese | Coal | Other2) | Total Extractive | Non-Extractive2) | Total South Africa | Ferroalloys | Manganese | Coal | Other |
| 2022 | 84,339 | - | 42,004 | (15,052) | 111,291 | 1,555,756 | 1,667,047 | 311,963 | - | 601,027 | (15,052) |
| 2023 | 76,433 | - | 37,989 | (11,608) | 102,813 | 988,476 | 1,091,289 | 253,960 | - | 151,962 | (11,608) |
| 2024 | 83,656 | 989 | 42,561 | (5,821) | 121,386 | 1,156,772 | 1,278,158 | 200,359 | 3,225 | 85,746 | (5,821) |
| Total | 244,428 | 989 | 122,554 | (32,481) | 335,490 | 3,701,004 | 4,036,494 | 766,282 | 3,225 | 838,735 | (32,481) |
2024 Glencore Payments to Governments Report
About this report
Basis of preparation and scope
This report has been prepared in line with UK Transparency Requirements, which were introduced to implement the payments to governments requirements provided for in the EU Transparency and Accounting Directives (in the form as they continue to apply following the UK's exit from the European Union) and includes a voluntary additional report of payments by ‘regions and commodity'.
The consolidation perimeter for this report is substantially the same as the segmental basis of reporting described in note 2 to the 2024 financial statements and the related discussion of Alternative performance measures beginning on page 254 of the 2024 Annual Report. This means that Glencore's proportionate shares of 33.8% and 44% in the independently managed JVs Antamina and Collahuasi's tax payments (taxes on income and royalties only), respectively, have been included.
For purposes of this report, governments refers to any national, regional or local authority of a country and includes any department, agency or undertaking controlled by such an authority. More specifically, for purposes of the tables on pages 11 and 12, rows labelled “national” include federal governments and ministries of mines, rows labelled “regional” include regional councils and state governments and rows labelled “local” include county councils and city councils. The presentation of taxes, production entitlements, royalties and other payments to governments is on a cash-paid basis during the reporting period. We convert in-kind payments into monetary value at the date of settlement. The report includes all such payments for activities that relate to exploration, discovery, development and extraction of minerals, oil, coal deposits and other materials resulting from extracting activities of each of our operations. References to royalties mean payments to governments in respect of revenue or production related to the extraction of mineral, coal, oil and gas reserves. References to levies mean a fixed or flat rate tax imposed on specific transactions, items or events, including customs or export and import duties.
Payments made to a government as a single payment or as a series of related payments of £86,000 or more made in a financial year form part of this report.
We have reviewed the payments of bonus and dividend payments to governments during the reporting period and found that no such payments were made. For the purpose of this report, bonuses are payments to government units related to awards, grants or transfer of extraction rights. Payments can be in the form of periodic payments or a fixed amount upon signing of a contract, achievement of certain production levels or targets and discovery of (additional) mineral resources or deposits. Dividends are payments so named to governments, other than dividends to government units in their capacity as ordinary shareholders in an enterprise. Such dividends are normally paid to a government in lieu of production entitlements or royalties.
For the purpose of this report, a project is defined as operational activities that are governed by a single contract, license, lease, concession or similar legal agreements and form the basis for payment of liabilities to a government. Where multiple such agreements are substantially interconnected, this is considered as a single project. Most of Glencore's extractive operations are covered by operationally and geographically connected contracts and activities.
In line with the requirements of the UK Transparency Requirements, this report excludes payments related to refining, processing, marketing and trading, as these are not in the scope of the UK Transparency Requirements, however, such payments are provided as an additional voluntary disclosure on page 10, to reconcile to the Group's overall payments to governments as presented in our 2024 Annual Report and Sustainability Report, which should be read alongside our 2024 Basis of Reporting, which sets out how we calculate the total amount of payments made to governments (not reported in accordance with the UK Transparency Requirements).
In addition, we have included information on our tax strategy. We further disclose payments to governments connected with our extractive activity to meet the Extractive Sector Transparency Measures Act requirements in Canada.
To the extent possible, we have also included information on commodity trading payments made to state-owned (50% or more) enterprises of countries compliant with the EITI for oil as well as metals and minerals extracted from those countries. We prepared these disclosures with regard to the EITI's reporting guidelines for companies buying oil, gas and minerals from governments and exclude purchases from counterparties in EITI-implementing countries or SOEs of EITI-implementing countries where the disclosure of information in accordance with requirement 4.2 of the EITI Standard is not applicable. For the purpose of this report, an SOE is defined as a wholly or majority government-owned company that is engaged in extractive activities on behalf of the government.
Glencore supports the Voluntary Tax Transparency Code in Australia, and our Australian business publishes a separate report to meet its requirements.
Introduction
Our contribution
Additional information
Appendix One - Detailed country disclosures
About this report
Further information
Further information
Important notice
This material does not purport to contain all of the information you may wish to consider. For further important information, including in connection with forward-looking statements and other cautionary information, refer to the Important notice section of Glencore's 2024 Annual Report, which is available at glencore.com/publications. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
Information preparation
In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented. Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change at any time without notice and we do not intend to update this information except as required.
This document contains alternative performance measures which reflect how Glencore's management assesses the performance of the Group, including results that exclude certain items included in our reported results. These alternative performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in Glencore's industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures disclosed by other companies. Further information can be found in our reporting suite available at glencore.com/publications.
Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in this document.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
Contact us
Glencore plc
Baerermattstrasse 3
6340 Baar
Switzerland
Tel: +41 41 709 2000
E-mail: [email protected]
glencore.com/contact-us
Our sustainability communications
In addition to this 2024 Payments to Governments Report, publications such as our 2024 Sustainability Report, 2024-2026 Climate Action Transition Plan and our annual corporate reporting suite reflect our commitment to transparent disclosure across a broad range of topics. Our 2024 annual reporting suite includes:
Annual Report
Sustainability Report
Modern Slavery Statement
Ethics and Compliance Report
Voluntary Principles on Security and Human Rights Report
About Glencore
Glencore is Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.
2024 Glencore Payments to Governments Report