Mining the accounts of this industry is not easy, and some of the companies behind it have been under the knife for months.
At the end of November, Reuters discovered a vast US$2bn deal by Glencore, a Fren솔레어 카지노ch state-owned company, to buy Newmont Mining Corporation. At the time of the deal, Glencore had already been sanctioned by the US Justice Department and the Department of Justice for $13.5bn in fines linked to its deals with Kazakh mining companies. In December, Glencore admitted to the Australian Securities Exchange that it had manipulated the prices of metals like iron ore and had paid over US$60m in fraudulent money transfer fees to the company. A week later, news broke that Glencore had paid more than US$300m to UBS, one of the banks with which it had been fined.
Allegations against Glencore and the Australian regulator have swirled for months. A letter in November from Glencore CEO David Karp said that XO 카지노« we are confident that the investigation into these allegations remains ongoing ». After a number of banks reported to the Australian Securities Exchange for interest charges, however, Glencore is understood to have agreed to pay fines. At the time of writing, it had not paid the remaining $600m in fees.
At $1.5tn, the price of iron ore accounted for more than half of its total assets. The prospectus for Newmont gave investors confidence that « the project’s completion would lead to the continued development of Australia’s emerging iron ore sector ».
But its failure has cast a shadow over the companies involved. As the Newmont deal is in the final stages, it is unclear how the iron ore industry will fare without Glencore’s expertise and market presence. While Newmont had a successful business in Australia in the mid-1990s, it went into a tailspin between 2004 and 2010, with its financial performance dropping below expectatio이천출장안마ns.
At the same time, Newmont’s management appeared to have turned to China’s iron ore mines. Newmont reported in 2011 that its share prices had fallen more than 35% over the previous year, while its losses jumped from US$13.3bn to US$34bn.
The company’s CEO, Mike Tully, was also caught up in the story of the Kazakhs, and the Kazakh steel cartel, when he allegedly agreed to pay a US$9.7bn penalty in 2011 for a huge corruption case, a move that is believed to have helped to drive off hi