Katanga Mining, a big Congolese copper and cobalt producer, said on Thursday it would raise around C$7.6-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/t in 2018 to around $35 000 now.