Base metals and precious metals gained
On Wednesday, June 29, most of the companies related to base metals and precious metals gained due to the strength in their respective sectors.
Glencore releases its tax spending
Bowing to political pressure, major metal miners Glencore (GLNCY) and Rio Tinto (RIO) revealed their spending on taxes and royalties to a variety of countries. According to the data, multinational metals mining and trading giant Glencore spent $5 billion in 2015 for royalties, taxes, and other payments to countries from which it extracts raw materials.
Out of $5 billion, the majority of the payments went to import and export duties, which accounted for ~$1 billion. This was followed by ~$800 million in royalties and ~$500 million in taxes.
Rio Tinto reveals its tax spending
Since the beginning of 2016, Glencore (GLNCY) has risen by more than 45%. At 11:26 AM EDT on June 29, Glencore was trading at $3.89, a gain of ~4.9%.
Rio Tinto released its 2015 tax return and noted that it paid $4.5 billion to various countries in royalties and taxes. The company also revealed that it paid ~$18 billion to various suppliers of goods and services around the world.
Out of the $4.5 billion, the company paid $3,315,000 to Australia in taxes in 2015. Since the beginning of 2016, Rio Tinto gained ~3.5%. At 11:35 PM EDT on June 29, Rio Tinto was trading at $30.23, a gain of ~4.4%.
The top and bottom five performers in the gold industry
At 3:53 PM EDT on June 29, the performance of the top five companies in the gold industry were:
- Gold Fields Limited (GFI) rose by ~11.6%
- Harmony Gold Mining (HMY) rose by ~7.4%
- Yamana Gold (AUY) rose by ~6.3%
- Sibanye Gold (SBGL) rose by ~5.9%
- McEwen Mining (MUX) rose by ~4.1%
At 3:53 PM EDT on June 29, the performance of the bottom five companies in the gold industry were: