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Katanga's restated net loss for FY'15 narrowed by C$55M

Katanga Mining Ltd.'s consolidated financial statements for 2014, 2015 and 2016 financial years will be restated to correct inaccuracies in its recorded amount of copper production.

This comes as the company's independent directors are conducting a review of its past statements. Accordingly, the company's second-quarter results were delayed beyond Aug. 14.

The company said Aug. 14 that the net loss for 2015 of C$630 million will be reduced by about C$55 million, net of related income taxes of C$40 million.

Based on the results of the review to date, the company's restated consolidated balance sheets by 2016- and 2015-end are expected to reflect a reduction in property, plant and equipment of about C$130 million from the reported C$2.40 billion by Dec. 31, 2016, and an increase in noncurrent inventories of about C$55 million from the previously reported C$365 million.

The miner expects to refile the past statements by mid-September.