World News: 05:05 GMT Friday 27th June 2014. [Yahoo Business News Feed via SPi World News]
Glencore, one of the world's biggest mining and trading houses, on Friday denied claims by an Australian newspaper that its coal division had paid no taxes in Australia in the past three years on income of A$15 billion ($14.10 billion). The Sydney Morning Herald reported that Glencore Plc cut its tax exposure by claiming tax breaks on expensive loans that were not necessary. Interest rates on the loans, extended by Glencore's associates overseas, were up to double what it would have had to pay banks, the newspaper said. A Glencore spokesman said the claim that no income tax was paid over the last three years was "preposterous." Glencore, which acquired fellow Swiss-based resources company Xstrata last year in a $36 billion takeover, is one of Australia's biggest producers of coal and also a major miner copper, zinc and other commodities.
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