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Glencore's Copper Head Steps Down From Congo Unit Amid Probe

  • Mistakidis and two others resign following internal audit
  • Canadian authorities investigating Katanga Mining’s conduct
The OSC is investigating, among other things, the accuracy of Katanga’s financial reporting, the adequacy of its corporate governance practices and the conduct of some of its directors and officers.

The OSC is investigating, among other things, the accuracy of Katanga’s financial reporting, the adequacy of its corporate governance practices and the conduct of some of its directors and officers.

Photographer: Alessandro Della Bella/Bloomberg

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Glencore Plc’s head of copper and two other executives stepped down as directors of the trader’s Congolese copper and cobalt unit, Katanga Mining Ltd., after an internal review found "material weaknesses" in financial reporting controls at the operation.

Questions about the "appropriateness" of some of Katanga’s accounting practices arose during an investigation by Canada’s Ontario Securities Commission, the company said. The investigation led to an internal review of the firm’s activities, after which Glencore’s head of copper, Aristotelis Mistakidis, and executives Liam Gallagher and Tim Henderson offered to step down, Katanga Mining said in a statement. Katanga’s Chief Financial Officer Jacques Lubbe also resigned.