Glencore Drops as Clash With Former Partner Adds to Congo Issues
- Miner is the worst performer in the FTSE 100 index on Monday
- Dan Gertler serves orders on almost $3 billion in damages
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Glencore Plc dropped the most among the U.K.’s biggest stocks as the company clashed with a former partner over royalties at key copper and cobalt mines in the Democratic Republic of Congo.
The shares fell as much as 3.9 percent after the company said late Friday that a Congolese court authorized bailiffs to freeze certain Glencore assets after Israeli billionaire Dan Gertler served orders on local units for almost $3 billion in damages. The damages relate to royalties from the Mutanda Mining and Kamoto Copper projects, which Glencore stopped paying to Gertler since he was sanctioned by the U.S. for alleged corruption in December.