Seven Missing at Glencore's Katanga Mine
08 Março 2016 - 1:10PM
Dow Jones News
Seven workers are missing following a landslide at a troubled
Glencore PLC copper mine in the Democratic Republic of Congo.
Katanga Mining Ltd., which is 75% owned by the Swiss mining
giant, said early Tuesday that the landslide was the result of a
"geotechnical failure" that affected the north wall of its KOV
open-pit mine. Katanga said the landslide also damaged
infrastructure designed to remove water from the mine pit.
Shares of Glencore fell 16% in afternoon trading in London.
Shares in mining companies are down across the board in Tuesday
trading.
Glencore halted mining operations at Katanga last year. The mine
was struggling after a sharp downturn in copper prices. The company
said it planned to invest $880 million to upgrade the facility and
reopen it in 2017.
The move was part of a plan to reduce costs and slash Glencore's
nearly $30 billion in net debt by $12 billion or more as the
company scrambled to confront mounting investor fears about the
strength of its balance sheet.
It wasn't immediately clear if the missing workers were working
on the upgrade. Katanga's loss attributable to shareholders was
$424 million in 2015, compared with a gain of $136 million the
previous year.
A Glencore spokesman wasn't immediately available for
comment.
Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
March 08, 2016 10:55 ET (15:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
Notícias em tempo-real sobre Glencore Plc (PK) da OTCMarkets bolsa de valores: 0 artigos recentes
Mais Notícias de Glencore (PC)