Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Glencore trade with Iran earned the company US$659 million in 2012, according to a report by The Guardian.
Goods sold included aluminum oxide as well as other commodities.
The US and other countries accuse Iran of running a secret nuclear program and using aluminum centrifuges to enrich uranium. Trade restrictions with Iran have been tightening.
Glencore claims it has been in compliance with these trade restrictions as they have widened.
Glencore said it “ceased transactions” with Iralco immediately when it learned of its links with Tesa, and the last trade was in October 2012. “Prior to EU sanctions in December 2012, we were not aware of a link/contract between Iralco and Tesa,” the company said in a statement.
Glencore said it is “reliant on the relevant regulatory bodies/governments to advise us on developments in who we can/can’t do business with”
Image of Iranian President Mahmoud Ahmadinejad by Beshef
