Glencore to pay US$180 million to DRC for past corruption

Glencore has reached an agreement with the Democratic Republic of Congo covering all present and future claims arising from alleged acts of corruption by the miner in the DRC between 2007 and 2018.

Under the agreement, Glencore International AG, on behalf of its Congolese-associated companies, will pay the DRC US$180 million and will continue to implement the Ethics and Compliance Programme in the country. 

In May, Glencore resolved investigations by authorities in the United States, the United Kingdom and Brazil into past activities in certain group businesses related to bribery, and separate U.S. investigations related to market manipulation.

In a statement, Kalidas Madhavpeddi, chairman of Glencore said: “Glencore is a long-standing investor in the DRC and is pleased to have reached this agreement to address the consequences of its past conduct. Glencore has actively promoted its Ethics and Compliance Programme in the DRC in recent years and looks forward to continuing to work with the DRC authorities and other stakeholders to facilitate good governance and ethical business practices in the country.”

The company said it has a refreshed board of directors and management team, including in its DRC operations, who are dedicated to fostering a culture of integrity, responsibility and transparency. 

Glencore owns the Mutanda copper-cobalt mine in the Katanga province. It also has a controlling stake in the Kamota Copper Company, which operates two open pit mines, one underground mine, the Kamoto concentrator and the Luilu refinery in the DRC.

Source: Glencore  

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