Glencores Katanga Mining has today agreed to pay $22 million to settle allegations by Canadian regulators that it had failed to comply with disclosure requirements,
Katanga Mining Mining News
Katanga Mining and its Kamoto copper and cobalt mine is one of Glencore’s most important growth projects.
“They are taking unilateral decisions that we haven’t verified, that we haven’t certified” - Gecamines President, Albert Yuma
Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that’s disturbing some investors.
Heavily in debt and with dwindling output, Gecamines has long complained about its joint venture terms.
Glencore's Toronto-listed Katanga Mining subsidiary set to produce nearly a third of world's cobalt, as prices of battery metal more than doubles.