VANCOUVER (miningweekly.com) – Canadian copper/cobalt producer Katanga Mining said on Monday it would restate some past financial statements to correct inaccuracies in its recorded amount of copper production during 2015 and 2014.
The company's independent directors are conducting an ongoing review in cooperation with management, Katanga's external auditors Deloitte & Touche, the company's outside legal counsel, and outside accounting advisers of historical accounting relating to the production of copper cathode, copper concentrates and stockpiled ore from its copper/cobalt operations in the Democratic Republic of Congo.
Katanga, which has a stock listing on the TSX, said the $630-million net loss it reported for 2015 would be reduced by about $55-million, net of related income taxes.
The Toronto-based company added that it would also restate results for the first quarter of 2017.
The miner said its second-quarter report would be delayed as a result of the restatement.