Glencore PLC is working with Israeli businessman Dan Gertler in a bid to reach an out of court settlement associated with a royalties dispute in the Democratic Republic of the Congo, Bloomberg News reported May 11, citing two sources.
Gertler is seeking US$2.28 billion in damages and unpaid royalties from Glencore, which the commodities trader ceased to pay after he was sanctioned by the U.S. in late 2017.
Earlier in the month, Glencore secured a temporary injunction in London against Gertler over the royalties claim.
In April, Gertler obtained freezing orders against Glencore subsidiaries Mutanda Mining Sarl and Kamoto Copper Co. SARL in the African country, claiming the company violated its agreement to pay royalties, following the sanctions. ApriVentora Development Sasu, a company affiliated with Gertler, was also seeking damages of around US$695 million related to Mutanda Mining.
A scheduled hearing in a London court on May 11 was postponed as both sides worked to come to an amicable solution.
A Glencore spokesperson declined to immediately comment, while a Gertler representative was could not be reached, Bloomberg News added.
