Mining Giant Reports Profit Despite US Subpoena

Despite receiving a subpoena over possible corruption from the US Department of Justice, Glencore, the world’s largest mining company, announced a surge in profit in its half-year report, with a 13 percent increase in net income over last year.

Congo Katanga copper mine, Wikipedia CC BY-SA 3.0The Swiss firm attributed the growth to a “favorable trading and commodity price environment.”

Cobalt, a mainstay for the giant, has seen this year a dramatic five-year high in prices. Some attribute the increase to mounting demand for electric cars, which use the metal in their batteries.

Glencore mines the metal in Congo, at the Katanga mine, producing an estimated 34,000 tons a year.

But if cobalt prospects are rosy, Glencore’s dealings worldwide continue to raise questions. The US Justice Department subpoena demanded the firm produce documents about its operations in Nigeria and Venezuela, as well as Democratic Republic of

... read more at: https://www.occrp.org/en/daily/8447-mining-giant-reports-profit-despite-us-subpoena

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