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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Katanga Mining Limited    KAT   CA4858471077

KATANGA MINING LIMITED

(KAT)
  Report
End-of-day quote. End-of-day quote Toronto Stock Exchange - 06/05
0.155 CAD   0.00%
07/15Congo gives mines month to end COVID restrictions
RE
07/07Glencore copper mine in Congo says six workers have coronavirus
RE
06/03KATANGA MINING : Completes Amalgamation Transaction
AQ
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Congo gives mines month to end COVID restrictions

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07/15/2020 | 04:27am EDT

The Democratic Republic of Congo has given copper and cobalt mining companies a month to stop confining workers on site away from their families as part of COVID-19 restrictions and return to normal operations, the labour minister said in an open letter.

Workers have been told by managers to either stay and work or lose their jobs, civil society organisations said last month, citing miners and union representatives and demanding an end to the approach.

"All mining companies that have confined workers to the operating site are granted a one-month moratorium to return to normal operation," Labour Minister Nene Ilunga Nkula said in the letter, dated July 13, which she shared on Twitter on Tuesday.

Mining companies must provide healthcare for workers and their families, as well as decent housing and a healthy diet for confined workers, Nkula said.

Congo is Africa's top copper producer and the world's main source of cobalt, accounting for two-thirds of global supplies of the metal used in smartphones and electric car batteries.

Mines minister Willy Kitobo Samsoni has said full mine shutdowns would trigger a catastrophic economic and social crisis in the country, with the industry contributing 32% of its GDP and 95% of export revenue in 2018.

Companies mining in Congo's southern copper belt include Glencore subsidiary Katanga Mining, China Molybdenum's Tenke Fungurume, MMG, and Chemaf, while Ivanhoe Mines is developing two copper mines there.

Six workers at Glencore's Kamoto Copper Company (KCC) mine in Lualaba province have tested positive for the novel coronavirus, KCC said a week ago.

Glencore said KCC does not confine workers on site.

Ivanhoe locked down its Kamoa-Kakula project, moving workers into mine-site accommodation, on April 3. On June 1, the company allowed the project's Congolese employees to resume commuting to site from neighbouring communities.

Companies in Lualaba have a month from July 2 to prepare sanitation measures and release all workers confined for more than a month. In Haut-Katanga the period runs from July 6, the letter said.

(Reporting by Hereward Holland; Editing by Helen Reid, Alison Williams and Barbara Lewis)

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC -2.96% 171.06 Delayed Quote.-25.16%
GOLD -0.39% 1945.926 Delayed Quote.26.65%
IVANHOE MINES LTD. -1.15% 5.15 Delayed Quote.22.35%
KATANGA MINING LIMITED 0.00% 0.155 End-of-day quote.19.23%
KCC CORPORATION 1.27% 159500 End-of-day quote.-42.50%
MMG LIMITED -0.52% 1.92 End-of-day quote.-17.95%
SILVER -1.96% 26.697 Delayed Quote.43.68%
SOUTHERN COPPER CORPORATION 0.62% 45.06 Delayed Quote.5.63%
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All news about KATANGA MINING LIMITED
07/15Congo gives mines month to end COVID restrictions
RE
07/07Glencore copper mine in Congo says six workers have coronavirus
RE
06/03KATANGA MINING : Completes Amalgamation Transaction
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06/02KATANGA MINING : Announces Voting Results of Special Meeting
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05/13KATANGA MINING : Postponing the Filing of Its 2020 First Quarter Financial Resul..
AQ
05/13Disruptions to copper operations from coronavirus outbreak
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04/28Easing lockdowns across countries propel TSX to 7-week high
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04/23GLOBAL MARKETS LIVE: Earnings season is at full throttle
04/22Glencore's Congo unit Katanga Mining to go private, warns of possible COVID-1..
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04/22Glencore to take Congo subsidiary Katanga Mining private
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More news
Financials (USD)
Sales 2019 1 386 M - -
Net income 2019 -770 M - -
Net Debt 2019 2 069 M - -
P/E ratio 2019 -0,68x
Yield 2019 -
Capitalization 7 065 M 6 984 M -
EV / Sales 2018 5,89x
EV / Sales 2019 5,91x
Nbr of Employees 4 457
Free-Float 0,54%
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Income Statement Evolution
Managers
NameTitle
Mark E. Davis Chief Executive Officer & Director
Eric Hugh John Stoyell Independent Non-Executive Chairman
Samuel Rasmussen Chief Operating Officer
Paul N. Smith Chief Financial Officer
Robert G. Wardell Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
KATANGA MINING LIMITED19.23%6 984
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KGHM POLSKA MIEDZ S.A.39.67%7 204
FIRST QUANTUM MINERALS-8.20%6 269
VEDANTA LIMITED-18.37%6 113
JIANGXI COPPER COMPANY LIMITED-16.51%6 108