Canadian regulator to consider Katanga settlement proposal Tuesday
LONDON – A Canadian regulator will consider on Tuesday whether to accept a proposal from Katanga Mining to settle allegations related to the Glencore-controlled company's activities in Democratic Republic of Congo.
Katanga said in a statement on Monday it could not give details of the proposal until after the hearing, at which the Ontario Securities Commission (OSC) will consider whether a global settlement with Canadian-listed Katanga is in the public interest.
Glencore declined to comment.
OSC's statement of allegations, reviewed by Reuters, alleges Katanga Mining made "financial disclosure that was misleading in a material respect".
The Wall Street Journal reported on Sunday that Katanga had agreed to pay more than $22-million to settle the Canadian allegations.
Last year, after an internal review into Katanga identified weaknesses in its financial reporting controls, three Glencore executives, including Aristotelis Mistakidis, the head of its copper group, stepped down from the board of Katanga.
Mistakidis, one of Glencore's most senior executives, retires at the end of the year, Glencore announced earlier this month.
Glencore has faced a series of legal problems related to its activities in Congo, which is home to almost 60% of the world's supply of cobalt, a mineral expected to be in demand for batteries used in electric vehicles.
In an emailed statement, Moody's credit agency said the OSC case had no bearing on Glencore's credit rating and the expected settlement was equivalent to around one day of free cash flow generation from the Glencore group.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation