Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Commodity trader Glencore will appear in court in the United States and the United Kingdom later on Tuesday, it said, to potentially resolve investigations into the group following corruption allegations.
The company, one of the world’s biggest miners and commodity traders, said it still expects to resolve those investigations and the one in Brazil this year.
Glencore said it also expects to issue an announcement after the court hearings are concluded.
Glencore is being investigated by the US Department of Justice and Brazilian authorities in the Car Wash scandal. The company has also been subpoenaed by the Justice Department for documents relating to possible corruption and money laundering in Nigeria, the Democratic Republic of Congo and Venezuela.
The US Commodity Futures Trading Commission is also investigating the company for possible corrupt practices.
(With files from Reuters and Bloomberg)
Comments