Freezing order on Katanga has had no material effect on copper-cobalt operations, Glencore subsidiary says

A freezing order on copper-cobalt assets held by Katanga Mining in the Democratic Republic of Congo (DRC) has not so far had any material effect on the Glencore subsidiary’s operations, it said last week.

On April 27, Glencore said that Ventora Development Sasu - its former partner in the DRC, which is associated with Israeli businessman Dan Gertler - was suing it for $2.28 billion in unpaid royalties relating to Katanga operating subsidiary Kamoto Copper Co (KCC). KCC was also hit with a freezing order, authorizing bailiffs from the commercial court of Kolwezi in the DRC to lock up its assets, bank accounts and mining titles. On May 1, 2018, KCC obtained temporary injunctive relief from a London court that prohibits Ventora from taking further action in respect of its claims in the DRC. But Katanga Mining will continue to assess the effect of the freezing order because “there is a...

Published

Charlotte Radford

May 24, 2018

13:11 GMT

London