By Dimitrios Kontos
Glencore PLC (GLEN.LN) said Friday that two of its subsidiaries in the Democratic Republic of the Congo have been served freezing orders over royalty payments, by Ventora Development Sasu.
Ventora has served orders against Mutanda Mining Sarl and Kamoto Copper Company for approximately $695 million and $2.28 billion respectively, Glencore said.
The orders authorize the commercial court to freeze certain bank accounts, and assets of Mutanda and Kamoto as well as mining titles, Glencore said.
Glencore said it is assessing the impact of the orders, but notes they may adversely affect the operations of its two subsidiaries.
The London-listed miner said it denies that Mutanda and Kamoto are in breach of any of their obligations and that they will "vigorously contest" the freezing order and any subsequent proceedings.
Write to Dimitrios Kontos at [email protected]