Glencore to shift Singapore coal office to Australia
Published by Joseph Green,
Editor
World Coal,
Glencore has announced that it will close its Singapore sales office to consolidate the business in Australia.
The move comes amid media reports that Australia is pursuing rival miners BHP Billiton and Rio Tinto for shifting billions of dollars in iron ore profits through marketing hubs in Singapore that pay almost no tax.
Glencore has said it was integrating the operations of the former Xstrata, which had established a coal marketing hub in Singapore in 2011. Glencore acquired Xstrata in 2013.
"Following Glencore's acquisition of Xstrata we have integrated Xstrata's coal marketing business into Glencore's global coal marketing function," it said.
"Australian coal sales will now be done directly from our Australian companies to end customers."
BHP and Rio Tinto say their Singapore operations were not set up to cut taxes but to be closer to their customers.
Edited from source by Joseph Green
Source: Reuters
Read the article online at: https://www.worldcoal.com/coal/10042015/glencore-singapore-coal-office-australia-2162/
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