In 2018 the government of the Democratic Republic of the Congo held Glencore, a global commodities and mining giant, over a barrel.
However, by June 2018 an agreement was reached with Gécamines to regularise the capital deficiency by converting $5.6-billion of existing inter-company debt, owed by KCC to Katanga, into equity. To ensure Gécamines’ 25% interest was not diluted, which was contractually required, $1.4-billion of the total debt converted to equity was effectively “gifted” by Katanga to Gécamines.
Shareholders, it would appear, accept this as an inevitable consequence of investing in countries such as the DRC, where governance is not a principle to be upheld. A cursory glance at the results of voting at the AGM, would suggest that the company’s shareholders and directors are in near-complete harmony. Every resolution was supported by more than 93% of shareholders, with the average closer to 96%.
In December 2018, Glencore-controlled mining company Katanga Mining, which is listed on the Toronto Stock Exchange, agreed to pay C$28.
Aside from the punitive damages, which arguably do not amount to much, the share price has fallen 18% since July 2018 and was trading at R51.26 on Monday afternoon. In comparison mining peers BHP and Anglo American have seen their share prices rebound in the same period, BHP by 57% and Anglo by 94%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa inks oil exploration deal with South Sudan - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.South Africa on Monday signed a deal for the exploration and production of oil in South Sudan, as part of a $1 billion investment in the conflict-torn nation’s struggling oil industry. sabcnews SouthSudan Oil JIT -Just in time, for the elections ANC? Next, Ramaphosa and his in-laws, aboJeff noPatrice are going to send members of the SANDF to South Sudan under the guise of a peace mission, when the mission would in fact be to protect their investments. Remember Jakobe, Khulubuse and the DRC mission? WHAT IS MEANT BY 'SOUTH AFRICA'? WHOSE PAYING 4 THIS? IS OIL HEAVY ENOUGH 4 OUR REFINERIES? COMPATIBLE WITH WHAT WE R USING AT THE MOMENT ? WASN'T THERE A PROBLEM WITH THIS INVESTMENT B4 ? SO Y ANNOUNCE IT WHEN PPL'S ATTENTION IS TOWARD ELECTION ? USUAL MINING-PRENEURS INVOLVED!!
Source: SABC News Online - 🏆 32. / 51 Read more »
BUSINESS MAVERICK: AngloGold Ashanti puts a for sale sign on the world’s deepest mineAfrica’s top gold producer, AngloGold Ashanti, is putting the last of its South African assets up for sale. Anglo American exited from gold years ago and looks like it is here to stay as it makes money from platinum, iron ore and diamonds. But the last of the bullion assets linked to its name is bound to provoke some feelings of nostalgia. Yet nothing is set in stone and not many companies have the technical ability to run Mponeng, the world’s deepest mine, which is included in the sale.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Five post-election economic milestones to watchUnless the government adopts market-friendly economic policies that stimulate growth and job creation, the 2024 national election is likely to be a fraught affair. What are the five milestones that investors will take comfort from after the 2019 election? Insightful article. 👌
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Warns China to Act on U.S. Trade Deal or Face Worse TermsPresident Donald Trump said it would be wise for China to “act now” to finish a trade deal with the U.S., warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020.
Source: dailymaverick - 🏆 3. / 84 Read more »