Glencore unit Katanga settles DRC Congo dispute, shares surge [Reuters]
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Source: Reuters
Glencore unit Katanga settles DRC Congo dispute, shares surge | Reuters Reuters Staff 2 Min Read June 12 (Reuters) - Democratic Republic of Congo state miner Gécamines will drop legal proceedings to dissolve a copper and cobalt joint venture with a subsidiary of Glencore Plc after reaching a settlement with its partner that includes Gécamines getting a $150 million payment. Glencore unit Katanga Mining Ltd said on Tuesday it had agreed a recapitalization plan for 75-percent-owned Kamoto Copper Co with Gécamines, its joint venture partner, involving converting $5.6 billion of Kamoto’s debt to equity to fix a capital shortfall. Katanga’s shares listed on the Toronto Stock Exchange jumped 23 percent to C$1.28. Investors have been watching the dispute closely, particularly for any impact on supplies of cobalt from Congo, which is by far the world’s biggest producer of the metal used in batteries for electric cars and mobile phones. Gécamines in April started legal proceedings to dissolve
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