Two Dead, Five Missing at Glencore's Katanga Mine --2nd Update
08 Março 2016 - 2:10PM
Dow Jones News
By Scott Patterson
Two workers died after a landslide at a troubled Glencore PLC
copper mine in the Democratic Republic of Congo.
Five other workers remain missing, Katanga Mining, 75%-owned by
the Swiss mining giant, said Tuesday. The company said 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 announced in September at the same time Glencore
outlined 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 11:55 ET (16:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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