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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

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Glencore Wins Copper-Price Dispute With Australian Tax Office

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09/03/2019 | 12:39am EDT

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 rhiannon.hoyle@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE -1.09% 253.45 Delayed Quote.-12.05%
GOLD 0.21% 1501.2 Delayed Quote.17.46%
LME COPPER CASH 0.12% 5877 End-of-day quote.0.65%
SILVER 0.99% 18 Delayed Quote.14.84%
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Financials (USD)
Sales 2019 217 B
EBIT 2019 4 872 M
Net income 2019 1 382 M
Debt 2019 33 399 M
Yield 2019 6,68%
P/E ratio 2019 18,0x
P/E ratio 2020 9,00x
EV / Sales2019 0,31x
EV / Sales2020 0,28x
Capitalization 33 933 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 3,56  $
Last Close Price 2,53  $
Spread / Highest target 140%
Spread / Average Target 40,3%
Spread / Lowest Target -46,0%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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