Glencore Copper Mine in Congo Locked in €800 Million Royalty Row [Financial Post (Toronto, Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — A Glencore Plc-owned copper mine in the Democratic Republic of Congo is embroiled in a row over royalties with local tax authorities. The government body – known by its French acronym DGRAD – says that Kamoto Copper Co. owes the Congolese state a little over €800 million ($894 million), according to people familiar with the matter. After the unit's local bank accounts were frozen earlier this year, the tax collection staff this week also briefly sealed off a warehouse where the company was storing metal, the people said, asking not to be named because the information wasn't public. Kamoto – in which the Swiss commodity giant holds a 75% interest – is one of the largest mines in Congo, exporting 200,000 tons of copper and 16,000 tons of cobalt in 2023, according to government data. Production of copper and cobalt at the mine has been unaffected by
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