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.
Russia’s largest lender, Sberbank, is suing global commodities trader Glencore for around 117 million euros ($116 million) over unpaid oil supplies, the database of Moscow’s Arbitration Court showed on Monday.
The database showed Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly 58 million euros each.
One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month.
The database gave no further details on the agreements or the lawsuit. Sberbank did not immediately respond to a request for comment. Glencore was not immediately available for comment.
Russia sent its troops into Ukraine on Feb. 24 for what it calls a “special military operation”. It’s not clear if that affected these deals.
Hearings are scheduled to start in Moscow on Dec. 6.
($1 = 1.0073 euros)
(By Oksana Kobzeva and Vladimir Soldatkin; Editing by Mark Potter)
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