Toronto — Glencore-controlled Katanga Mining said on Tuesday it agreed to pay more than $22m to settle Canadian allegations of inadequate historical disclosures of its finances and activities in the Democratic Republic of Congo (DRC). Johnny Blizzard, CEO of the Toronto-listed company, will resign and leave its board, which includes three new directors, the miner said in a filing on Tuesday. Katanga's shares closed up 5.3% at 60 Canadian cents, compared with the local stock benchmark's 0.4% gain. Katanga stock is down 68% this year. Shares of Glencore, which owns 87% of Katanga, closed 1.6% lower at £288.20 pounds in London. It is the worst-performing stock among major miners in London this year, partly because of geopolitical risk. Its share rose 0.21% to R52.48 on Tuesday, taking its annual loss on the JSE to 16.3%. "Glencore is disappointed by the conduct that has led to today's settlement," the company said in a separate statement on Tuesday, adding it was working with Katanga t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now