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Katanga Mining announces filing of freezing order against Kamoto Copper Company-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
5/2/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Katanga Mining Limited announced that Ventora Development Sasu, a company affiliated with Dan Gertler, has served in the Democratic Republic of the Congo a freezing order against Kamoto Copper Company, the Company''s 75% operating subsidiary, in the amount of USD 2.28 billion.
Ventora alleges that KCC has breached an agreement between KCC, La Générale des Carrières et des Mines and Africa Horizons Investments Limited pursuant to which Ventora alleges KCC is required to make royalty payments to Ventora, by indicating that it will not pay such royalties as a result of Mr. Gertler''s designation as a Specially Designated National. Ventora asserts that if its claim for breach is upheld it will be entitled to damages of approximately USD 2.28 billion, which it alleges is the value of the future royalties due to it under the agreement.
The freezing order authorizes the bailiff of the Commercial Court of Kolwezi to freeze certain bank accounts, tangible movable assets, and intangible movable assets, such as receivables of KCC, as well as the mining titles, up to the amount of the freezing order and prevent KCC from disposing and/or utilising these assets.
In December 2017, the United States government designated Mr Gertler and companies affiliated with him as SDNs, thereby imposing blocking sanctions on them and companies owned 50% or more by them.
The agreement with Gécamines and AHIL was concluded by KCC prior to the designation of Mr. Gertler as a SDN, and arose when AHIL acquired these rights from Gécamines.
KCC disputes the assignment by AHIL of its rights under the agreement with KCC and Gécamines to Ventora and that Ventora has any claim against KCC under such agreement.
The agreement between KCC, Gécamines and AHIL is subject to English Law and the exclusive jurisdiction of the English Courts.
The Company denies that KCC is in breach of any of its obligations under the agreement with Gécamines and AHIL and also entirely rejects Ventora''s calculation of the value of the future royalties allegedly owed to Ventora. KCC will vigorously contest the freezing order and any subsequent proceedings.
The Company is assessing the impact of the freezing order on KCC''s operations in the DRC, but notes that the freezing order may materially adversely affect such operations.
Meanwhile, Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa''s largest copper producer and the world''s largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.
有色金属展-铜材展-2018年广州国际有色金属工业（铜业）展览会
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
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