Glencore’s Katanga review prompts structural changes, director reshuffle

Glencore will implement structural changes across its copper department after an internal accounting review at Katanga Mining identified “material weaknesses,” leading to the resignation of four directors including the trader-miner’s head of copper.

The review found Katanga overstated copper cathode production to December 31, 2014 by 7,916 tonnes. This led to a series of incorrect statements in the company's consolidated statement of financial position to December 31, 2014, including a $41.8 million overstatement of finished product inventories and an equivalent understatement of costs and sales. “Glencore has carefully considered the findings of the review and notes the material weaknesses identified in Katanga’s...

Published

Janie Davies

November 22, 2017

13:35 GMT

London