250 Million dollars loan puts Katanga in Glencore's thrall

摘要

Faced with the mounting financial distress of Katanga Mining (KAT-T, KATFF-O), the company's shareholders have agreed to let the world's largest commodity trader step in. By supplying roughly 265 million US dollars worth of loans, Baar, Switzerland-based Glencore International can take as much as an 88 percent stake in Katanga - a company that until recently had built up a huge market capitalization on the back of its copper and cobalt projects in the Democratic Republic of the Congo (DRC).