Katanga’s longtime boss, Arthur Ditto, left and the Glencore employees Steven Isaacs and Tim Henderson took over as chief executive and chief operating officer respectively. Katanga is listed on the Toronto Stock Exchange under the symbol KAT. Katanga Mining, which produces copper and cobalt from mines in the southern copper belt of Democratic Republic of Congo, was first listed in August 1997 and Glencore … “Further, the lack of extensive health infrastructure in the DRC may materially and adversely impact the Company.” Congo’s mining minister last week warned mine shutdowns would trigger a “catastrophic” economic and social crisis in the country.
Glencore … Among the reasons for going private, Katanga cited the “attractive” premium being given to shareholders, commodity price risks, operational risks, financial risks, and the lack of sources of financing without support from Glencore. The stock listed at 0.265 Canadian dollars in August 1997 and peaked at 28 Canadian dollars in July 2007.Among the reasons for going private, Katanga cited the “attractive” premium being given to shareholders, commodity price risks, operational risks, financial risks, and the lack of sources of financing without support from Glencore.Katanga separately said its copper cathode production increased to 67,298 tonnes in the first quarter of 2020, from 65,402 tonnes in the last quarter of 2019.Production of cobalt decreased to 5,296 tonnes in Q1 of 2020, from 6,173 tonnes in Q4 of 2019.In response to the Covid-19 pandemic, Katanga said it was reducing spending on some operations and It also lowered its cobalt production target for the year to 26,000 tonnes from 29,000 tonnes previously.Katanga said there were no “material” disruptions to operations in the first quarter, but prepared the market for the possibility that restrictive measures implemented by Congo and other governments would impact operations going forward.“The Company will likely be materially and adversely impacted if its operations are disrupted for any extended period of time, or if it is unable to either import required supplies or export finished product,” the miner said.“Further, the lack of extensive health infrastructure in the DRC may materially and adversely impact the Company.”Congo’s mining minister last week warned mine shutdowns would trigger a “catastrophic” economic and social crisis in the country.Katanga last month said the commissioning of a new acid plant at its 75%-owned subsidiary Kamoto Copper Company (KCC) had been delayed as travel restrictions due to the pandemic made it impossible to bring commissioning experts to the site.Katanga said it expects operating cash flow minus capital expenditure to be “modestly positive for the year” if there are no further negative developments or impacts from Covid-19.KCC had undrawn liquidity of $208 million available under its bank facility and cash on hand of $174 million at the end of the first quarter, Katanga added.Barrick Gold Corp. beat estimates for quarterly profit on Monday, benefiting from a rise in demand for the safe-hav… AngloGold Ashanti said on Friday it would consider paying a higher annual dividend after reporting a more than 200%… South African gold miners are looking to cut debt and boost dividends as bullion hits record highs, with analysts a… Sharing the stories and progress of women in mining and engineering roles is vital to inspire more women to enter t… The African Mining Market offers insights into key market and commodity trends, in-depth analysis of resources and prospects and licensing and policy decisions affecting the mining industry in Africa.© Copyright 2020, All Rights Reserved | African Mining Market.Glencore’s Congo unit Katanga Mining to go private, warns of possible Covid-19 impact
Katanga shareholders other than Glencore, including Blackrock and nine other minority holders, will receive 0.16 Canadian dollars in cash per share - a 100% premium to the closing price on Tuesday, and a special committee of Katanga’s board recommended they approve the deal, the statement said. This corporation is a subsidiary of Glencore, and is owned by the latter for a stake of 75%. A joint NGO report by RAID, Bread for All and Fastenopfer accuses the Anglo-Swiss mining company Glencore of serious human rights abuses in Katanga Province, DRC.
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