Uzbekistan exploits ‘Middle Corridor’ to Europe
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Glencore unveils US$5.6B DRC restructuring
NewsGlencore has unveiled a sweeping US$5.6B restructuring of Katanga Mining Ltd (KML), its embattled copper company in the Democratic Republic of Congo (DRC).
The move is designed to settle a dispute with Gécamines, DRC’s state-owned mining company, concerning a huge debt accrued over the past decade.
Gécamines is a 25% joint-venture partner in KML’s 75% operating subsidiary, Kamoto Copper Company (KCC).
KML said that, together with KCC, it had entered into a settlement agreement with Gécamines (among others) “to terminate legal proceedings brought by Gécamines in the DRC courts, and resolve KCC’s previously disclosed capital deficiency”.
Glencore said KML will issue US$5.6B in stock that will be used to retire the high-interest debt. The company had been saddled with US$9.2B in debt, with the majority owed to Glencore.
The Swiss mining giant said that the key highlights of Katanga’s settlement agreement with Gécamines are as follows:
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