Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Democratic Republic of Congo (DRC). Now it's being singled out as a beacon of commitment to efforts by state-run mining company G?(C)camines to restructure its mining sector.
Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Democratic Republic of Congo (DRC). Now it's being singled out as a beacon of commitment to efforts by state-run mining company G?(C)camines to restructure its mining sector. The settlement ending the spat cost Glencore $5.6 billion in a debt-for-equity swap but saw off an attempt by G?(C)camines to dissolve KCC in order to mitigate the copper-cobalt joint venture's $9-billion debt. G?(C)camines has long said that it wants to replace its model of joint ventures, arguing that they failed to provide equitable wealth for the company as well as the DRC and its people. In particular, G?(C)camines believes that in many of its JVs, royalties need to be recalculated and dividends to the state-run company paid out. Last week, the KCC fight was over. G?(C)camines praised Glencore's "constructive spirit" during the negotiations, citing this as a...