Glencore fights with billionaire in London court over DRC judgment
Dan Gertler — who has been sanction by the US — is claiming $2.28bn in damages and unpaid royalties from Glencore
London — Glencore’s clash with former partner Dan Gertler over unpaid royalties at a key Democratic Republic of Congo (DRC) copper mine deepened as the legal battle spread to a London court. On Tuesday, the Swiss miner was granted a temporary injunction against the Israeli billionaire after petitioning the London court to rule against a DRC judge’s decision last week to freeze assets at its Kamoto copper project, people familiar with the matter said. Gertler is claiming $2.28bn in damages and unpaid royalties, which Glencore stopped paying after he was sanctioned by the US in December. The dispute with Gertler is the latest problem the world’s biggest commodity trader is facing in the DRC, where it’s the top producer of copper and cobalt. Glencore is challenging the government over a new mining code which raises taxes and royalties, while state-owned miner Gecamines, last month, accused Glencore of "draining" Kamoto of profit and asked a DRC judge to dissolve the joint venture. Unde...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.