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Katanga Mining Provides Update On KCC Recapitalisation Process and Notes Commencement Of DRC Legal Proceed
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
23 April, 2018
KATANGA MINING PROVIDES UPDATE ON KCC RECAPITALISATION PROCESS AND
NOTES COMMENCEMENT OF DRC LEGAL PROCEEDINGS BY GÉCAMINES
Glencore refers to the announcement by Katanga Mining Limited (“Katanga”) in which it
announced that Katanga’s Democratic Republic of the Congo (“DRC”) state-owned joint
venture partner, La Générale des Carrières et des Mines (“Gécamines”), in Katanga’s 75% DRC
operating subsidiary Kamoto Copper Company (“KCC”), has commenced legal proceedings in
the DRC to dissolve KCC following KCC’s failure to address its capital deficiency or,
alternatively, if the Court provides KCC with a period of time within which to regularize the
situation, to request the appointment of an expert to assess and report to the Court on KCC’s
financial position and recapitalisation plan.
Katanga believes that it has several options to remedy KCC’s capital deficiency and avoid
KCC’s dissolution. Katanga will continue to attempt to engage in discussions with Gécamines
and will take all other necessary steps to ensure the continuation of the operations of KCC and
protect its rights under the law and under its joint venture agreement with Gécamines.
Katanga is continuing to assess options for regularising the capital deficiency, including the
conversion of a portion of existing intercompany debt owed by KCC to Katanga (which is
eliminated on consolidation) into equity or forgiving a portion of such debt. Any such outcome
would impact the distribution of future cash flows earned by KCC, which might in turn have a
materially adverse impact on Katanga but would not be expected to have a material impact
on the assets, liabilities and net assets of Katanga and would be expected only to result in a
shift within equity attributable to shareholders and non-controlling interests. The
regularisation of the capital deficiency can be effected by Katanga on its own initiative or
through negotiation with Gécamines.
If Katanga has taken the necessary steps to regularise KCC’s capital deficiency and this is
confirmed by KCC’s statutory auditor on or before the day on which the court renders its
judgment on the merits, then the DRC court cannot issue a dissolution order.
The full Katanga announcement is available at:
http://www.katangamining.com/media/news-releases/2018.aspx.
For further information please contact:
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
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
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