Miner and commodities trader Glencore (LON:GLEN) has settled a potentially damaging legal row with former business partner in Democratic Republic of Congo Dan Gertler by agreeing to pay royalties he is owed from copper and cobalt mines.
The Swiss firm will make the payments to the Israeli billionaire in euros so that it doesn’t fall foul of US sanctions, which were placed on Gertler last year. With the move, Glencore is trying to keep access to valuable mining assets, lowering the risk of disruption to copper and cobalt supplies.
Glencore said the settlement with Gertler was “the only viable option to avoid the material risk of seizure” of its Mutanda Mining Sarl and Kamoto Copper Co. assets in Congo. The mines are among the richest in copper and cobalt, and a key part of the company’s strategy of profiting from a rising battery metals boom.
More to come…
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From:: Infomine