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Katanga (KAT): een gigant in kobalt en koper

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  4. [verwijderd] 12 juni 2018 21:42

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    Gevonden:

    Katanga Mining Announces Settlement of DRC Legal Dispute with Gécamines and Agreement for the Resolution of KCC Capital Deficiency
    Canada NewsWire

    ZUG, Switzerland, June 12, 2018

    ZUG, Switzerland, June 12, 2018 /CNW/ - Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") announces today that, together with its 75% operating subsidiary in the Democratic Republic of the Congo ("DRC"), Kamoto Copper Company ("KCC"), it has entered into an agreement (the "Settlement Agreement") with (amongst others) the Company's joint venture partner, DRC state-owned company La Générale des Carrières et des Mines ("Gécamines") to terminate the legal proceedings brought by Gécamines in the DRC courts and resolve KCC's previously disclosed capital deficiency.

    Pursuant to the Settlement Agreement, amongst other things, Gécamines, Katanga and KCC have agreed on a recapitalization plan that will allow the reconstruction of the net equity of KCC and satisfy the requirements provided for by DRC corporate law, subject to the satisfaction of certain conditions precedent. The recapitalization plan will be formally effected on the date that KCC completes the necessary corporate proceedings to approve the Settlement Agreement. These proceedings are expected to be completed on a date within the next two weeks (the "Closing Date"). On the Closing Date, Gécamines will withdraw the legal proceedings it commenced on April 20, 2018 in the Kolwezi Commercial Court (the "Kolwezi Court") to dissolve KCC, and certain other outstanding commercial matters between the parties will be resolved.

    "We are pleased to have reached an agreement to resolve the KCC capitalization issues and preserve and revitalize the partnership between KCC and Gécamines," commented Hugh Stoyell, Non-Executive Chairman of the Board of Directors of the Company. "Throughout the discussions and negotiations that resulted in this settlement, we have been well supported by our majority shareholder Glencore plc, and we look forward to the next phase of development at KCC, which we believe will provide significant benefits to Katanga and its stakeholders, as well as Gécamines and all stakeholders in the DRC."

    Details of the Settlement

    Settlement Agreement Overview

    The following are the key terms of the Settlement Agreement, which are described in further detail below:

    a one-time Settlement Payment (as defined below) by the Company to Gécamines, payable on June 14, 2018, in the amount of US$150 million, in settlement of certain historical commercial disputes under the existing amended, consolidated and restated joint venture agreement dated July 25, 2009 (as amended) (the "JVA");
    the resolution of the KCC capital deficiency via the restructuring of all long-term debt and commercial offtake prepayment obligations owed by KCC and the reduction of KCC's total debt (retroactive to January 1, 2018) to a maximum of US$3,450 million through:
    the conversion of sufficient existing intercompany loans into new KCC equity by way of a share capital increase; and
    a new loan between Katanga Mining Finance Limited ("KMFL"), one of the Company's wholly owned subsidiaries, and KCC, with an interest rate equal to the lesser of (i) USD 6-month LIBOR + 3%, and (ii) 6% (the "Residual Debt");

    certain amendments to the dividend payment and free cash flow provisions of the JVA including an amortization schedule for the repayment of the Residual Debt;
    the waiver by KCC of certain contractual rights relating to the replacement reserves under the Concession Release Agreement (as defined below), which relieves Gécamines of the obligation to transfer such replacement reserves or provide equivalent financial compensation to KCC in the amount of US$285 million;
    the (i) waiver by KCC of certain contractual rights to claim the reimbursement of paid contractors' invoices amounting to approximately US$57 million in connection with the replacement reserves exploration program, and (ii) agreement by KCC to make an additional payment to Gécamines of approximately US$41 million in relation to outstanding expenses incurred by Gécamines as part of the replacement reserves exploration program;
    the commitment by KCC to conduct additional studies on the areas of the historical replacement reserves exploration program conducted by Gécamines to identify potential new reserves or ore bodies which have not yet been identified in the Company's previously disclosed ore reserves and mineral resources estimates set out in the Company's NI 43-101 technical report dated March 31, 2018 (effective date December 31, 2017). The Company has agreed to pay additional entry premium (pas de porte) to Gécamines (as described below and in Annex A), should these additional studies demonstrate the existence of additional JORC (as defined below) compliant reserves or lead to the extraction of new ore bodies on KCC's mining titles;
    the establishment of new protocols for the involvement of Gécamines in certain commercial affairs of KCC, as follows:
    all future intercompany loans to KCC, if any, to be provided by KMFL on equivalent terms as the Residual Debt;
    a mandatory requirement to run a tender process on any commercial agreement to be entered into by KCC in excess of US$5 million;
    the prior approval of Gécamines of any capital expenditure that would allow the expansion of capacity of KCC's production facilities to over 300,000 tons of copper per annum, if such expenditure exceeds US$500 million; and
    the provision by KCC to Gécamines of the proposed annual terms of the copper and cobalt offtake arrangements between KCC and affiliates of Glencore and other further documentation in KCC's possession which Gécamines may reasonably request; and

    the withdrawal by Gécamines on the Closing Date of the Capital Deficiency Proceedings and the renouncement by Gécamines of certain orders of the Kolwezi Court related thereto. Each of the parties will also fully and finally release any potential claim relating to the JVA and the operation and management of KCC arising prior to the Closing Date.
  8. [verwijderd] 13 juni 2018 09:39

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    Zou een kleine kunnen zijn maar verwacht dat we gewoon terug gaan kruipen naar de oude stand, en dan dit jaar produceren, dat wordt smullen!! Ik ga bijkopen denk ik...
  10. forum rang 10 DeZwarteRidder 13 juni 2018 09:46

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    quote:

    BrightSight schreef op 13 juni 2018 09:45:

    Zit niemand er meer in of zo dat ik geen gejuich hoor?
    En waar is onze Congo-kenner Murdock2? Ik ben wel benieuwd naar je visie bink!
    Murdock is een kletskous waar we niks aan hebben.
  11. [verwijderd] 13 juni 2018 09:55

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    quote:

    DeZwarteRidder schreef op 13 juni 2018 09:46:

    [...]
    Murdock is een kletskous waar we niks aan hebben.
    Voorlopig hoor ik bij jou ook weinig vandaan komen... Ik vond Murdocks info wel interessant, alleen sloeg hij een beetje door zo nu en dan...
    Maar waar blijft jouw inhoudelijke feedback DZR? Kom...
    Zit je nog in Katanga?
  12. [verwijderd] 13 juni 2018 09:55

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    quote:

    BrightSight schreef op 13 juni 2018 09:45:

    Zit niemand er meer in of zo dat ik geen gejuich hoor?
    En waar is onze Congo-kenner Murdock2? Ik ben wel benieuwd naar je visie bink!
    Geduld,als t weer verder stijgt heeft iedereen ze ineens weer:-)

    Zelf geen positie.
  14. forum rang 10 DeZwarteRidder 13 juni 2018 10:07

    • DeZwarteRidder

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    quote:

    BrightSight schreef op 13 juni 2018 09:55:

    [...]

    Voorlopig hoor ik bij jou ook weinig vandaan komen... Ik vond Murdocks info wel interessant, alleen sloeg hij een beetje door zo nu en dan...
    Maar waar blijft jouw inhoudelijke feedback DZR? Kom...
    Zit je nog in Katanga?
    Ik heb zelfs nog wat bijgekocht rond het dieptepunt.
  17. [verwijderd] 13 juni 2018 10:42

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    www.miningweekly.com/article/glencore...

    Glencore’s Katanga resolves debt dispute with Gécamines

    iversified miner Glencore’s Katanga Mining subsidiary has settled its legal dispute with Democratic Republic of Congo (DRC) State-owned trading and mining company La Générale des Carrières et des Mines (Gécamines).

    The dispute arose as a result of a capital deficiency at Katanga’s 75%-owned DRC operating subsidiary Kamoto Copper Company (KCC).

    Glencore has agreed to write off $5.6-billion of debt, converting it into new KCC equity, to safeguard the joint venture between Katanga and Gécamines in the DRC, which is set to become the world’s largest producer of battery materials.

    KCC is expected to produce 34 000 t of cobalt and 300 000 t of copper in 2019.

    The debt-for-equity swap will plug a capital shortfall at KCC and end the dispute with Gécamines.

    This follows after Gécamines initiated legal action in April to dissolve KCC and take control of its mining licences, claiming that Glencore had failed to reduce billions of dollars of intercompany loans, which reduced KCC’s ability to pay dividends.

    Katanga and Gécamines’ shareholdings in KCC remain unchanged at 75% and 25% respectively.

    The agreement will see KCC’s debt decrease from more than $9-billion to $3.4-billion.

    Additionally, Katanga has agreed to make a one-off payment to Gécamines of $150-million that relates to historical commercial disputes, as well as $41-million to cover expenses incurred as part of an exploration programme.

    Gécamines will also be freed of an obligation to repay $57-million in contractor costs and to replace or provide financial compensation for mineral reserves valued at $285-million.

    In return, Gécamines will end its legal action.

    Goldman Sachs commented that the settlement is a positive for Glencore. “The net cash outflow for Glencore is less than $200-million. Additionally, our thinking initially on a potential resolution had been that Glencore may have to write off the entire $9-billion intercompany loan which had been extended to KCC.”

    Goldman added that the agreement allows Glencore to recoup about $3.5-billion of its intercompany loan – albeit at a slower pace.

    The agreement removes the risk of the asset being taken away from the company given it had been in violation of the capital deficiency clause.

    “As such, this should be taken positively by the market especially given that the shares had been underperforming peers despite a material rally in the commodity price basket of Glencore,” Goldman stated.

    BMO Capital Markets weighed in, stating that the impact on its forecasts (and likely consensus forecasts) will be negligible given that Katanga is fully consolidated by Glencore. “There will be a slight increase in minorities, but we do not model inter-company debt repayment cash flows to the level that the restructuring will be noticeable at the group level.”

    “This settlement has its positives and negatives; it cements Katanga and Glencore’s ownership in the DRC operations, whereas the market might have been expecting a worse outcome; on the negative side, this situation came about because Gécamines itself refused to finance the refurbishment of the operations, which pushed KCC into the negative equity situation," BMO added.

    Additionally, Gécamines has been able to profit from that situation. Countering this, the settlement should ensure that this situation can not arise again, meaning that Kantanga/Glencore’s interests are protected going forward.
  19. forum rang 10 DeZwarteRidder 13 juni 2018 11:07

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    Ik vraag me af wie nu geldleningen omzet in aandelen KCC: is dat Katanga of Glencore...??
    Als dat laatste het geval is wordt het belang van Katanga veel kleiner en kan de koers weleens instorten.
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