trending Market Intelligence /marketintelligence/en/news-insights/trending/Wa5pWIt024nswWCqaXKWTg2 content esgSubNav
In This List

Katanga enters management services deal with Glencore International

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Lithium prices hold firm, cobalt prices rally

Blog

Profit margins key to Tsingshan's battery nickel supply plans

Blog

The Future of Risk Management Digitization in Credit Risk Management


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.