|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||0.1146 - 0.1162|
|52-week range||0.0400 - 0.4100|
|Beta (5Y monthly)||2.71|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Glencore <GLEN.L> is taking its Toronto-listed Congo business Katanga Mining <KAT.TO> private, the subsidiary said on Wednesday, citing limited trading liquidity and the costs of a stock exchange listing as reasons for the move. Katanga Mining, which produces copper and cobalt from mines in the southern copper belt of Democratic Republic of Congo, was first listed in August 1997 and Glencore owns 99.46% of its shares. Katanga shareholders other than Glencore, including Blackrock and nine other minority holders, will receive 0.16 Canadian dollars in cash per share - a 100% premium to the closing price on Tuesday, and a special committee of Katanga's board recommended they approve the deal, the statement said.
Katanga Mining Enters Into Definitive Agreement With Glencore International AG for Going Private Transaction to Be Considered at Telephonic Shareholders Meeting
Katanga Mining Provides an Update on Impact of COVID-19 on Major Projects and Announces 2020 First Quarter Production Results
Glencore's Katanga Mining <KAT.TO> sent 350 workers to be repatriated this week after the copper and cobalt miner delayed the commissioning of an acid plant they were working on in Democratic Republic of Congo's Lualaba province. Katanga Mining's 75%-owned subsidiary Kamoto Copper Co (KCC) had sent the 350 Indian contractors from the mine site near Kolwezi to Lubumbashi, capital of Haut-Katanga province, to be repatriated, a source at KCC told Reuters.
Glencore's Katanga operation in Africa held unsold stocks of 12,797 tonnes of battery material cobalt with a current market value of more than $400 million at the end of last year, statements from Katanga show. Its cobalt stocks at the end of 2018 stood at 3,769 tonnes. Toronto-listed Katanga Mining , mostly owned by London-listed Glencore produced 17,054 tonnes of cobalt contained in hydroxide last year and sold only 4,257 tonnes over the same period.
Katanga Mining Limited <KAT.TO>, a big Congolese copper and cobalt producer, said on Thursday it would raise around $7.6 billion Canadian dollars ($5.8 billion) via a rights issue as part of a debt-for-equity swap with parent Glencore. Katanga Mining will subsequently owe Glencore $1.5 billion, reducing its debt from $7.7 billion after experiencing setbacks including a fall in the price of cobalt from record levels of $95,000 per tonne in 2018 to around $35,000 now. Thursday's statement said Glencore, which owns approximately 86.3% of Katanga, had agreed to swap $5.8 billion in debt for equity, which will raise its stake further in the firm.
The number of artisanal miners killed by a landslide at a copper and cobalt mine run by Glencore in southeast Congo rose to 43 on Friday and climb further as the search for missing workers continues, local officials said. Thursday's accident occurred in the KOV open-pit mine at the Kamoto Copper Company (KCC) concession near Democratic Republic of Congo's southern border with Zambia, in which Glencore subsidiary Katanga Mining has a 75% stake. The original death toll was estimated at 36 but rose through Thursday evening and into Friday as more bodies were uncovered, the officials said.