|Bid||0.55 x 0|
|Ask||0.56 x 0|
|Day's Range||0.49 - 0.56|
|52 Week Range||0.36 - 2.83|
|Beta (3Y Monthly)||0.36|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 19, 2018 - Nov 23, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.23|
ZUG, Switzerland , Nov. 16, 2018 /CNW/ - Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces that the previously disclosed internal instruction of the Direction Générale des Douanes et Accises ("DGDA") in the Democratic Republic of the Congo temporarily preventing the Company's 75% owned subsidiary, Kamoto Copper Company SA ("KCC"), from importing or exporting any material or production has been lifted and that imports and exports of material and production have resumed.
Katanga Mining, which is controlled by Glencore, said the DRC’s customs agency, Direction Générale des Douanes et Accises. A review undertaken by Glencore found Katanga had incorrectly reported copper production in 2014 when it overstated output by 6,650 tonnes.
“They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone. Katanga Mining Ltd., which is controlled by Glencore, said in a statement earlier Thursday it had been blocked on Nov.9 from exporting copper and cobalt from Congo over a dispute around payments on copper that was never actually mined years ago. The Congo government is asking for $129.8 million to settle the dispute, a number rejected by Katanga.
In the latest twist, Katanga Mining Ltd., in which Glencore owns 86 percent, said it’s been blocked from exporting copper and cobalt from the Congo over a dispute around payments on copper that was never actually mined years ago. Katanga Mining and its Kamoto copper and cobalt mine is one of Glencore’s most important growth projects. The Congo government is asking for $129.8 million to settle the dispute, a number rejected by Katanga.
Disruptions to cobalt supplies in the Democratic Republic of Congo are not expected to eradicate a glut of the material used to make batteries for electric vehicles, thwarting hopes that prices can be boosted from their lowest since March last year. Glencore last week said its subsidiary Katanga Mining had halted cobalt exports from the Kamoto Project in DRC while it builds a facility to remove uranium. Prices of cobalt metal, at around $55,000 a tonne, have barely moved since the announcement on Nov. 6.
Katanga Mining expects its earnings to be hit if a row with Democratic Republic of Congo that has prevented it from importing and exporting copper is not resolved soon. Although Glencore's Katanga said on Thursday that copper production was continuing as normal, it warned that its earnings would be affected if the dispute is not settled. "Unless the dispute with the DGDA (customs authority) is resolved and KCC's (Kamoto Copper Company) imports and exports are permitted to resume in the near future, the suspension of imports and exports is expected to negatively impact the Company's production and revenue," it said.
Glencore’s key business in Democratic Republic of Congo has become embroiled in a fresh row with government this time over export duties. A subsequent review found Toronto-listed Katanga had incorrectly reported copper production in 2014 when it overstated output by 6,650 tonnes.
China, the leading holder of international deep sea exploration licences, has increased its lead in the race for alternative sources of battery minerals by taking samples from cobalt-bearing mountains deep in the Pacific. The cobalt-rich crusts could one day curb the world's dependence on cobalt from Democratic Republic of Congo, but most companies say deep sea mining is a distant prospect. Maersk Supply Service, part of shipping company Maersk , is working with Canada's DeepGreen to harvest metallic rocks from the ocean floor.
Disruptions to cobalt supplies in the Democratic Republic of Congo are not expected to eradicate a glut of the material used to make batteries for electric vehicles, thwarting hopes that prices can be boosted from their lowest since March last year. Glencore (GLEN.L) last week said its subsidiary Katanga Mining (KAT.TO) had halted cobalt exports from the Kamoto Project in DRC while it builds a facility to remove uranium. Prices of cobalt metal (CBD3), at around $55,000 a tonne, have barely moved since the announcement on Nov. 6.
Glencore's Katanga mine in the Democratic Republic of Congo (DRC) was supposed to transform the cobalt market. After two years of being offline, Katanga's ramp-up was going to add 11,000 tonnes to global supply this year. The surge, equivalent to 10 percent of world production last year, would flip the global market from supply shortfall to surplus.
Shares in cobalt producers rallied on Wednesday following news that Glencore, the world’s largest producer, had halted sales at its mine in the Democratic Republic of Congo. Hong Kong-listed shares of China Molybdenum, which is the largest producer in the DRC after Glencore, rose by 11 per cent to end the day at HKD 3.46, their highest level in 11 weeks. Glencore shocked the global cobalt market on Tuesday after it said that the discovery of uranium at its subsidiary Katanga Mining in the DRC meant it could no longer export cobalt from the country, the world’s largest producer of the metal.
“It’s nice to finally have some positive news in the market,” Gordon Buchanan, a senior trader at Stratton Metal Resources, said by phone from London. Glencore has a long history of curtailing supply to meet demand, and has long criticized rivals for producing too much and depressing prices. As supply increased, mined products like cobalt hydroxide traded at widening discounts.
Glencore subsidiary Katanga Mining has halted cobalt exports from its Kamoto Project in Democratic Republic of Congo while it builds a facility to remove uranium, it said on Tuesday. Katanga shares, listed in Toronto, fell around 20 percent by 1654 GMT, while Glencore fell nearly 3 percent in London trade. To remove uranium found in levels above the acceptable limit for export, Katanga plans to build an Ion Exchange system, at a cost of around $25 million.
Katanga Mining Ltd., controlled by Glencore, said Tuesday it will build an ion exchange system to remove uranium, which is expected to cost about $25 million and be ready by the end of the second quarter. There has been a supply-side response to a spike in cobalt prices, fueled by bullish expectations of growth in electric vehicles.Katanga accounts for about a quarter of Glencore’s African cobalt production, with 6,500 metric tons of the metal being mined in the first nine months of the year. Glencore produced 25,700 tons in Congo in that period.Glencore has been ramping up cobalt supply this year amid a boom in batteries, boosting production by 44 percent in the first nine months.
Glencore subsidiary Katanga Mining Ltd said on Tuesday it would temporarily suspend cobalt exports from its Kamoto Project in Congo after it found excessive levels of uranium in the ore. The company said ...
ZUG, Switzerland , Nov. 6, 2018 /CNW/ - Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announced that its 75%-owned operating subsidiary, Kamoto Copper Company SA ("KCC"), will temporarily suspend the export and sale of cobalt at its Kamoto Project in the Democratic Republic of the Congo until further notice. The presence of uranium was recently detected in the cobalt hydroxide produced at the Kamoto Project in levels that exceed the acceptable limit allowed for export of the product through main African ports to customers. The Company is currently conducting additional surveys to identify the source of the uranium and exploring various options to mitigate the impact of the sales suspension.
A sales halt at one of the world’s largest cobalt mines is set to push up prices of the metal whose demand has surged in recent years with the advent of electric cars. The Glencore-run mine, located in the Democratic Republic of Congo, ceased sales on Tuesday after it found traces of the nuclear fuel uranium on the site. that was set to become the largest source of cobalt in the world next year, said the amount of uranium had exceeded the limit allowed to truck cobalt out of the DRC to the port, though it added that it did not pose a health risk.
The London-listed miner and commodities trader, which posted record half-year earnings in August, said then it had been facing higher costs and weak prices for cobalt and other byproducts. Glencore's copper production rose by 116,600 tonnes to 1,063,100 tonnes from the start of this year and cobalt output jumped 8,700 tonnes to 28,500 tonnes. Rival Anglo American (AAL.L) on Tuesday said its copper production rose 17 percent, helped by an overall increase in productivity as each employee has been 5 percent more productive this year than in 2017.
Katanga Mining Announces 2018 Third Quarter Production Results and Date of Release of 2018 Third Quarter Financial Results
Katanga Mining Announces 2018 Second Quarter Production Results and Date of Release of 2018 Second Quarter Financial Results