Rather than lose copper and cobalt mines in the Democratic Republic of Congo, Glencore has decided to resume paying Israeli billionaire Dan Gertler after suspending royalties to him because he was sanctioned by the US for alleged corruption. The sanctions extended to Gertler’s companies, Ventora and African Horizon Investments, which had filed a freezing order against Glencore subsidiaries Mutanda Mining and Kamoto Copper Company after Glencore’s decision to stop paying royalties from the two companies for fear of falling foul of US sanctions against Gertler.

After seeking legal advice and consulting with authorities in the US and Switzerland, where it is domiciled, the mining company came to the realisation it could lose its subsidiaries and possibly pay Gertler’s legal claims of up to $3bn. Glencore has decided to resume royalty payments to Ventora in euros and not have a US national or institution involved. Glencore believed that payment in a currency other than dollars of ...

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