Katanga Mining Ltd Ord KATFF

News on Katanga

[bigguy56]

OSC has ruled, delivers fines, against Katanga. IMO this is a good development. Stock will take temporary hit, then rebound. Some folks will get fired at Katanga... but it will put this issue behind us. $22 Million is f all in the whole scheme of things. Canadian regulator to fine Glencore-controlled miner over Congo -WSJ Canadian regulator to fine Glencore-controlled miner over Congo -WSJ Dec 16 (Reuters) - A Glencore PLC-controlled mining company and some of its current and former executives have agreed to pay more than $22 million to settle Canadian allegations they hid the risks of doing business with an Israeli man close to Congolese President Joseph Kabila, the Wall Street Journal reported on Sunday. The expected settlement between the Ontario Securities Commission and Toronto-listed Katanga Mining Ltd is related to the companys business activities in the Democratic Republic of Congo between 2014 and 2016, the Journal reported, citing an anonymous source. A Glencore spokesman declined to comment on the report. The Canadian regulator is expected to name several of Katanga's current and former executives in the settlement and will focus on Katangas ties with Israeli businessman Dan Gertler, who first invested in Katanga alongside Glencore in 2008, the report said. The settlement is also expected to allege that Katanga overstated copper production, understated mining costs and lacked proper internal financial controls, the report said. (Reporting by Caroline Stauffer Editing by Paul Simao)