Glencore expects to resolve bribery and corruption investigations in the UK, US and Brazil this year and has set aside $1.5bn to cover potential fines and costs.
News of the provision came as the London-listed miner and commodity trader announced record earnings on the back of soaring prices for its cornerstone commodities and said it would return $4bn to shareholders.
“The company presently expects to resolve the US, UK and Brazilian investigations in 2022,” Glencore said in its annual results statement released on Tuesday. “Based on the company’s current information and understanding . . . the amount of $1.5bn represents the company’s current best estimate of the costs to resolve these investigations.”
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