Friday , May 27 2022

Glencore Katanga subsidiary is not able to export copper from Congo


Zurich / Baar (APA / awp / sda) – Glencore Katanga's subsidiary again has problems in the Democratic Republic of Congo. In the first instance, Kamoto Copper, who owns 75 percent of Katanga, can not export any materials, including copper.

The customs authority had already issued such directions last Friday because the company allegedly fails to pay export duties at least 6,650 tonnes of copper in December 2014 and January 2015, Katanga said during and on Thursday

The Douanes et Accises Directorate (DGDA) dispute with the Congo derives from the fact that the company has overstated production in December 2014 by 6,650 tonnes. However, this error has been modified in annual accounts for 2015 and 2016. It is in discussions with the authority to settle the dispute. Copper production will continue at "normal" level.

It was not until Wednesday last week that Katanga had announced that transporting cobalt at the Copoto Kamoto Company's mining pond would be stopped until further notice after discovery of uranium and radiation in the material.

However, the uranium proportion in the cobalt hydroxide was higher than the acceptable level for export and supply to customers, and the mineral production would continue. The company intends to build a de-ionization plant by the end of the second quarter of 2019 to clean up the material of the uranium.

At the same time, Katanga Mining announced third quarter figures on Thursday. Glencore's subsidiary has lost another loss.

Revenue was $ 428.1 million (€ 379 million), up from € 5.9 million a year earlier. In the previous year, the production started again and no shrubs were excavated after it was suspended since September 2015. In the first nine months of 2018 cumulative sales amounted to 920.4 million after 17.6 million.

A modified EBITDA for the third quarter is reported 100.7 million after the loss of 69.1 million the previous year. For nine months, earnings were $ 268.1 million after losing $ 195.2 million a year earlier.

The net loss attributable to shareholders was $ 78.5 million for the third quarter, compared to the loss of $ 115.4 million a year earlier. For nine months, this still loses 481.0 million after losing 342.8 million.

~ ISIN JE00B4T3BW64 WEB ~ APA071 2018-11-15 / 08: 21

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