Katanga settles legal dispute over copper miner KCC with Gécamines

Glencore-owned copper producer Katanga Mining has settled its legal dispute in the Democratic Republic of Congo (DRC) with state-run miner Gécamines and has agreed to resolve the capital deficiency at their jointly owned operating subsidiary, Kamoto Copper Co (KCC).

The company has written off roughly $5.6 billion in a debt-for-equity swap, ending an attempt by Gécamines to dissolve KCC in order to mitigate the copper-cobalt joint venture’s $9 billion debt. Katanga owns 75% of KCC and Gécamines the other 25%. Around $5.6 billion of KCC’s debt is being converted into new equity in the company, leaving KCC with debt of $3.45 billion dated retroactively...

Published

Andrea Hotter

June 12, 2018

20:26 GMT

New York