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EIB calls halt to Glencore finance
THE European Investment Bank (EIB) has suspended new financing to Glencore over concerns about the mining giant’s alleged tax avoidance in Zambia.
The bank, which is the European Union’s financing arm, had already agreed to lend $50m (£30 million) to Glencore to renovate a smelter and reduce sulphur dioxide emissions at its Mopani Copper Mines subsidiary in Zambia.
However all future funding has now been cut after an intervention by Philippe Maystadt, the EIB president. Glencore denies tax avoidance.