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Katanga enters management services deal with Glencore International

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Katanga enters management services deal with Glencore International

Katanga Mining Ltd. said Jan. 17 that it entered into a management services agreement with Glencore International AG in order to better reflect the integrated nature of both parties' businesses and enhance existing controls.

Under the deal, the Glencore PLC-controlled miner named Danny Callow as CEO and director, with Paul Smith tapped as CFO.

Callow succeeded Johnny Blizzard, who resigned effective Jan. 16 as part of a settlement agreement with the Ontario Securities Commission. Smith, meanwhile, replaced Grant Sboros, who will remain as site CFO for Katanga's 75%-owned subsidiary, Kamoto Copper Co. SARL.

COO Samuel Rasmussen will take on the role of managing director of operations at Kamoto Copper.

In December 2018, Katanga Mining agreed to pay C$30 million to settle a Canadian probe into the company's dealings in the Democratic Republic of the Congo. The probe sought to find whether Katanga violated a securities regulation that calls for companies to disclose when they are doing business with their investors, which is described as a related-party transaction, in its US$100 million payment to an entity related to Israeli businessman Dan Gertler.

Earlier this month, a report by The Wall Street Journal found that Glencore forwarded nearly US$1 billion in loans and advances to help fund U.S.-sanctioned businessman Gertler's investments in the DRC, where he is accused of corruption.