Glencore-Congo Mine Row Is Tied to Sanctioned Ex-Partner Gertler [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
4 min read In This Article (Bloomberg) -- A dispute between a Glencore Plc unit and the Democratic Republic of Congo centers around a deal Israeli businessman Dan Gertler struck years ago. Most Read from Bloomberg Congo's mines minister said the spat between authorities and a Glencore-owned copper and cobalt mine revolves around royalty payments the unit makes to Gertler, who the US sanctioned in 2017 over alleged corruption. Congo now says part of the funds should have been paid to the state instead. Bloomberg reported last week that a tax agency says Kamoto Copper Co. owes the state hundreds of millions of dollars in a royalties row. The involvement of Gertler — who still receives royalties from Congo projects including Kamoto — is a reminder of the challenges his ongoing presence poses in the key producer of minerals needed for the energy transition. It also highlights why Western firms have resisted US encouragement to invest in Congo, where many mines are owned by Ch
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