Gertler, who is the subject of U.S. sanctions, is owed some royalties by Glencore, but the London-listed company disputes the amounts claimed.
Glencore Mining News
Lack of new projects, investment deficit and increasing political risk will hit supply of cobalt, lithium, copper and nickel, key metals for making the batteries that power electric cars.
Shares fell as much as 3.9% after the company said late Friday that a Congolese court authorized bailiffs to freeze certain Glencore assets after Israeli billionaire Dan Gertler served orders on local units for almost $3 billion in damages.
Gecamines said on Tuesday that debts owed by Kamoto to Glencore and its subsidiaries at the end of 2017 topped $9 billion.
Company said new technology will help the DRC mine achieve its 2018 production guidance of 730,000 ounces, despite challenges posed by the country's new mining code.
Katanga is mired in difficulties ranging from the prospect of higher taxes to a mounting legal battle with its Congolese partner, Gecamines.
High levels of debt at mining companies are becoming an increasingly heated issue in Congo, the world’s largest source of cobalt.
They said they expected authorities to realize the sliding scale they propose would be a more effective mechanism for the government to share in higher commodity prices than the windfall tax and strategic minerals scheme included in the new code.
The Central African oil producer reached an agreement in principle to restructure its more than $1 billion debt to Glencore and four banks.
The price of zinc fell to a four month low on Thursday – there's much more pain to come says new report.
In just four months, Glencore Plc chief Ivan Glasenberg has lost two of his closest business allies, billionaires Oleg Deripaska and Dan Gertler.
Glencore Chief Executive Ivan Glasenberg resigned from his role as Rusal director on Tuesday
Collahuasi, owned by Anglo American Plc and Glencore Plc, is located in northern Chile and is among the world's largest copper mines.
Cobalt, nickel still on the boil, but gloomier outlook reflected in copper price and fall in market value of top mining companies during first quarter.
Glencore has signed US$9.085bn of loans to refinance its existing short-term revolving credit facilities, the company said on Thursday.
The proposal, signed by companies responsible for 85% of the DRC's copper, cobalt and gold output, suggest that sliding royalties will give the government a higher share of revenues.
Company has agreed to sell its 80% stake in the Kestrel mine to a consortium comprising of private equity manager EMR Capital and Indonesian coal company Adaro Energy.
Glencore defended working conditions at its mines in Congo after an international labor federation said its employees are poorly treated and underpaid.
Australia's Whitehaven Coal is acquiring the Winchester South project, located in Queensland.
Glencore CEO flags China-Congo-cobalt nexus, responsible for 80% of global cobalt chemical production, a crucial ingredient of electric vehicle batteries.
The acquisition includes Rio Tinto’s 82% stake in Hail Creek coal mine and its 71.2 % interest in the Valeria project.
Royalties paid to the government from cobalt and coltan mining will jump to 10 per cent from 2 per cent.
The world’s biggest producer of cobalt has agreed to sell around a third of its cobalt production over the next three years to the Chinese battery recycler.
A new mining code in the cobalt-rich Congo will lead to higher costs for consumers of the battery metal at a time automakers are expanding production of electric vehicles, experts say.
Price is a sticking point as Glencore and other major producers are now able to exert more influence in negotiations, sources said.