Katanga Mining Received Debt Help Proposal From Glencore

Date : 05/16/2019 @ 1:54PM
Source : Dow Jones News
Stock : Katanga Mining Ltd (KAT)
Quote : 0.415  -0.025 (-5.68%) @ 8:06PM
Katanga Mining share price Chart

Katanga Mining Received Debt Help Proposal From Glencore

Katanga Mining (TSX:KAT)
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By Oliver Griffin

 

Canadian mining company Katanga Mining Ltd. (KAT.T) has been approached by Anglo-Swiss miner and commodities trader Glencore PLC (GLEN.LN), which owns 86% of Katanga, over its indebtedness.

At Dec. 31, Katanga owed interest of $452.8 million to Glencore under existing loan agreements. The Canadian company said Wednesday that Glencore has submitted a proposal designed to address this debt and that Katanga has formed a special committee of independent directors, which has retained advisors, to facilitate talks.

Katanga said Glencore has agreed to provide the financial support it needs to help it pay its debts when they are due in the 12-month period from the date of approval of Katanga's first-quarter results.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

May 16, 2019 08:39 ET (12:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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