April 27, 2018 / 4:36 PM / 7 months ago

BRIEF-Glencore Says Filing Of Freezing Orders Against Subsidiaries Mutanda And Kamoto

April 27 (Reuters) - Glencore PLC:

* FILING OF FREEZING ORDERS AGAINST MUTANDA+KAMOTO

* VENTORA DEVELOPMENT SASU HAS SERVED IN DEMOCRATIC REPUBLIC OF CONGO FREEZING ORDERS AGAINST MUTANDA MINING SARL AND KAMOTO COPPER CO (KCC), SUBSIDIARIES OF GLENCORE, FOR ABOUT $695 MILLION AND $2.28 BILLION RESPECTIVELY

* VENTORA ALLEGES MUTANDA HAS BREACHED AGREEMENT WITH VENTORA PURSUANT TO WHICH IT ALLEGES MUTANDA IS REQUIRED TO MAKE ROYALTY PAYMENTS TO VENTORA

* VENTORA ASSERTS IF ITS CLAIM FOR BREACH IS UPHELD IT WILL BE ENTITLED TO DAMAGES OF ABOUT $695 MILLION WHICH IT ALLEGES IS VALUE OF FUTURE ROYALTIES DUE TO IT UNDER AGREEMENT

* ASSESSING IMPACT OF FREEZING ORDER ON MUTANDA AND KCC'S OPERATIONS IN DRC, BUT NOTES FREEZING ORDERS MAY MATERIALLY ADVERSELY AFFECT SUCH OPERATION

* DENIES THAT MUTANDA AND KCC ARE IN BREACH OF ANY OF THEIR OBLIGATIONS UNDER THEIR RESPECTIVE AGREEMENTS WITH VENTORA AND AHIL

* ENTIRELY REJECTS VENTORA'S CALCULATION OF VALUE OF FUTURE ROYALTIES ALLEGEDLY OWED TO VENTORA Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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