UPDATE 2-Glencore settles with Gertler over Congo royalties [Reuters]
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Source: Reuters
UPDATE 2-Glencore settles with Gertler over Congo royalties | Reuters Reuters Staff 4 Min Read * Mining code still in dispute * Glencore says has discussed settlement with U.S., Swiss agencies (Adds reaction, detail) By Barbara Lewis LONDON, June 15 (Reuters) - Glencore has settled a mining row in Democratic Republic of Congo with Israeli billionaire Dan Gertler by agreeing to pay royalties in a currency other than U.S. dollars, lowering the risk of disruption to copper and cobalt supplies. U.S. sanctions on Gertler, Glencore’s former Israeli partner in Congo, had triggered litigation and a legal tangle that investors said might affect supplies of cobalt, needed for electric vehicle batteries, from the world’s biggest producer of the metal. Glencore earlier this week reached a settlement in another dispute involving its Kamoto copper and cobalt mine in Congo, although it remains at odds with the Congolese government over a mining code that increases taxes and royalties on minerals. Ge
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