Glencore’s Katanga mine to pay $22m to settle Canadian claims
CEO Johnny Blizzard has resigned, and he and the seven executives named in the Canadian probe will pay additional penalties
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...
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.