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GLENCORE PLC - GLN: Announcement in connection with Katanga Mining Limited

Release Date: 20/11/2017 10:19
Code(s): GLN     PDF:  
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GLN: Announcement in connection with Katanga Mining Limited

Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64

Baar, Switzerland
20 November, 2017

Announcement in connection with Katanga Mining Limited

Glencore notes the announcement today by Katanga Mining Limited (“Katanga”) of the completion of an
internal review of certain of Katanga’s historic accounting practices (the “Review”) and the restatement of
Katanga’s financial statements. The Review was undertaken at the direction of the independent directors
of Katanga, who engaged Canadian legal counsel, and an international accounting firm, to assist them in
conducting the Review.

Glencore has carefully considered the findings of the Review and notes the material weaknesses
identified in Katanga’s internal controls over financial reporting.

Following the resignation of three Katanga directors, Glencore has nominated three new directors to the
Board of Katanga, including Steven Kalmin (Glencore’s CFO), to work with the independent directors of
Katanga to implement the required remediation measures to strengthen Katanga’s corporate governance,
compliance and control processes.

Glencore will also be implementing various structural and control changes across its copper department
in order to enhance and strengthen its financial processes and procedures.

Glencore is committed to ensuring that the weaknesses identified in the Review are addressed and do
not reoccur.

The adjustments arising from the Review do not have a material adverse effect on the consolidated
income, financial position or cash flows of Glencore.

Glencore also notes Katanga’s announcement that it has been advised by the Ontario Securities
Commission ("OSC") that the OSC enforcement staff are investigating, among other things, whether
Katanga's previously filed periodic public disclosures contain statements that are misleading in a material
respect and the adequacy of Katanga's corporate governance practices and compliance with those
practices and the related conduct of certain directors and officers of Katanga. Katanga has also been
advised that OSC enforcement staff are reviewing Katanga's risk disclosure in connection with applicable
requirements under certain international bribery, government payment and anti-corruption laws.

Glencore does not expect any change in the anticipated timing for the commissioning of the Whole Ore
Leach project at Katanga.

For further information please contact:

Investors
Martin Fewings              t: +41 41 709 2880       m: +41 79 737 5642      martin.fewings@glencore.com
Ash Lazenby                 t: +41 41 709 2714       m: +41 79 543 3804      ash.lazenby@glencore.com
Media
Charles Watenphul           t: +41 41 709 2462       m: +41 79 904 3320      charles.watenphul@glencore.com

www.glencore.com

Additional information

Glencore is one of the world’s largest global diversified natural resource companies and a major producer
and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and
metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's
industrial and marketing activities are supported by a global network of more than 90 offices located in
over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power
generation, oil and food processing sectors. We also provide financing, logistics and other services to
producers and consumers of commodities. Glencore's companies employ around 155,000 people,
including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.


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This announcement contains inside information.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc
and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the
Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the
particular company or companies.


Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)

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