June 12, 2018 / 6:34 PM / 7 days ago

BRIEF-Katanga Mining Settles DRC Legal Dispute With Gecamines

June 12 (Reuters) - Katanga Mining Ltd:

* KATANGA MINING ANNOUNCES SETTLEMENT OF DRC LEGAL DISPUTE WITH GÉCAMINES AND AGREEMENT FOR THE RESOLUTION OF KCC CAPITAL DEFICIENCY

* KATANGA MINING - GÉCAMINES, KATANGA & KCC AGREED ON A RECAPITALIZATION PLAN THAT WILL ALLOW RECONSTRUCTION OF NET EQUITY OF KCC

* KATANGA MINING - SETTLEMENT AGREEMENT INCLUDES ONE-TIME SETTLEMENT PAYMENT BY CO TO GÉCAMINES, PAYABLE ON JUNE 14, OF $150 MILLION

* KATANGA - ENTERED AGREEMENT WITH JV PARTNER LA GÉNÉRALE DES CARRIÈRES ET DES MINES TO TERMINATE LEGAL PROCEEDINGS BROUGHT BY GÉCAMINES IN DRC COURTS

* KATANGA MINING - ON CLOSING DATE, GÉCAMINES WILL WITHDRAW LEGAL PROCEEDINGS COMMENCED ON APRIL 20, 2018 IN KOLWEZI COMMERCIAL COURT

* KATANGA MINING - $150 MILLION SETTLEMENT PAYMENT WILL BE FUNDED BY NEW LOANS TO KMFL UNDER NEW CREDIT FACILITY

* KATANGA MINING - KCC AGREED THAT IT WILL WAIVE CONTRACTUAL RIGHT TO RECEIVE REPLACEMENT RESERVES OR EQUIVALENT CASH PAYMENT OF $285 MILLION

* KATANGA MINING - TRANSACTIONS WILL NOT IMPACT CO'S PREVIOUSLY REPORTED CONSOLIDATED NET ASSETS OR CONSOLIDATED LIABILITIES Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below