By Rhiannon Hoyle
SYDNEY--Glencore PLC (GLEN.LN) has won a legal dispute with Australian tax officials over the price it paid to buy copper from one of its mines in New South Wales state.
Australia's tax commissioner had raised Glencore's annual tax assessments for 2007 to 2009 by a combined 92.6 million Australian dollars (US$62.2 million) including interest charges, alleging that the Switzerland-based company failed to pay market rates for copper concentrate purchased from its CSA mine in Cobar.
However, the country's Federal Court on Tuesday ruled that the price Glencore paid its subsidiary, Cobar Management Pty, for the commodity "fell within the range of consideration that might reasonably be expected to be paid."
Glencore said it welcomed the decision. A spokesman for the Australian Taxation Office didn't immediately comment.
Write to Rhiannon Hoyle at firstname.lastname@example.org