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

KATANGA MINING LIMITED

(KAT)
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Katanga Mining Received Debt Help Proposal From Glencore

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05/16/2019 | 08:40am EDT

By Oliver Griffin

Canadian mining company Katanga Mining has been approached by Anglo-Swiss miner and commodities trader Glencore, which owns 86% of Katanga, over its indebtedness.

At Dec. 31, Katanga owed interest of $452.8 million to Glencore under existing loan agreements. The Canadian company said Wednesday that Glencore has submitted a proposal designed to address this debt and that Katanga has formed a special committee of independent directors, which has retained advisors, to facilitate talks.

Katanga said Glencore has agreed to provide the financial support it needs to help it pay its debts when they are due in the 12-month period from the date of approval of Katanga's first-quarter results.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE -0.44% 227.55 Delayed Quote.-21.90%
GLENCORE PLC -0.64% 43.6 End-of-day quote.-16.36%
KATANGA MINING LIMITED 0.00% 0.35 Delayed Quote.-32.69%
SILVER -0.08% 17.52 Delayed Quote.13.44%
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Technical analysis trends KATANGA MINING LIMITED
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Managers
NameTitle
Jeffrey J. Gerard Chief Executive Officer & Director
Eric Hugh John Stoyell Independent Non-Executive Chairman
Samuel Rasmussen Chief Operating Officer
Paul Smith Chief Financial Officer
Robert G. Wardell Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
KATANGA MINING LIMITED-32.69%508
ANTOFAGASTA10.75%11 007
VEDANTA LTD-36.03%7 826
FIRST QUANTUM MINERALS0.54%5 781
JIANGXI COPPER COMPANY LIMITED-3.39%5 697
KGHM POLSKA MIEDZ S.A.-11.05%4 071