The government of President Benigno Aquino has finally presented its much-heralded new policy on mine taxation for the Philippines. It claims it could make up to US$1 billion from the proposed revenue-sharing scheme, but – unsurprisingly – the Chamber of Mines of the Philippines has said the increase in taxes could kill the industry. The final policy still needs Congressional approval, and with the miners well-represented inside Congress it could make for an interesting debate. UK companies involved in the Phillipines include Glencore Xstrata and Metals Exploration.
There are some reasons for why Australian Prime Minister Abbott might need to worry that the worst is about to happen in his eyes – that Australian coal might be left in the ground unsold. The first one is the US government announcing a plan to reduce emissions from their power sector by 30 per cent by 2030. The other piece of news was Reuters reporting that He Jiankun, a professor at Tsinghua University and deputy director of China’s Expert Committee on Climate Change, had said the Chinese Government would place an absolute cap on emissions in the next five-year plan. UK-linked companies mining coal in Australia include Anglo American, BHP Billiton, Glencore Xstrata and Rio Tinto.
There are some reasons for why Australian Prime Minister Abbott might need to worry that the worst is about to happen in his eyes – that Australian coal might be left in the ground unsold. The first one is the US government announcing a plan to reduce emissions from their power sector by 30 per cent by 2030. The other piece of news was Reuters reporting that He Jiankun, a professor at Tsinghua University and deputy director of China’s Expert Committee on Climate Change, had said the Chinese Government would place an absolute cap on emissions in the next five-year plan. UK-linked companies mining coal in Australia include Anglo American, BHP Billiton, Glencore Xstrata and Rio Tinto.
The Board of Indonesia-focus coal miner Asia Minerals Resources, until recently known as Bumi, has decided to replace its chief executive, Nick von Schirnding, as the firm abandons its growth plans.
Swiss-based commodities giant Glencore “continues to place the maximisation of profits and the minimisation of its tax payments above respect for human rights and the environment”, according to a report by Swiss NGOs and aid agencies. PR or Progress? Glencore’s Corporate Responsibility in the Democratic Republic of the Congo was published on Tuesday by the Swiss Catholic Lenten Fund and Bread for All in collaboration with the British organisation Rights and Accountability in Development (RAID).
