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Glencore writes off $5.6bn of debt for Congo copper-cobalt mine

StockMarketWire.com

Glencore said it had agreed to write-off $5.6bn of debt as part of a recapitilisation agreement with Gecamines for a new copper and cobalt mine in the Democratic Republic of Congo.

Glencore's Katanga subidiary agreed to convert $5.6bn of the Kamoto Copper Company's total debt of approximately $9bn into new equity.

The settlement agreement also called for payments to Gecamines of $150m and $41m for historical commercial disputes, and expenses incurred as part of an exploration programme, respectively.

Kamoto Copper Company was required to amend its dividend payments and free cash flow provisions and waive income from replacement reserves and associated drilling costs of $285m and $57m, respectively.

Story provided by StockMarketWire.com