Glencore, Mine Settle Fight Over $40M Peruvian Tax Bill
Law360, London (September 7, 2020, 6:18 PM BST) -- Australian giant Glencore and a Peruvian mine owner have settled a $40 million lawsuit in London after pausing in the middle of a trial over a tax bill assessed on a major copper mine following its sale.
The settlement terms, which were finalized in September, are confidential, according to High Court Judge Michael Burton's Sept. 2 order.
The deal means that mine owner Minera Las Bambas SA has agreed terms after Peruvian tax authorities demanded more than $40 million following its takeover of Glencore's copper operation. Glencore had agreed to indemnify Minera Las Bambas for unpaid back taxes, but argued that the company paid...
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