Gecamines Says Glencore Deal to Yield Billions for Congo State
- Settlement could earn government $3.5 billion over a decade
- Gecamines also expects to receive joint-venture dividends
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A settlement between a Glencore Plc unit and Democratic Republic of Congo’s state-owned Gecamines will contribute billions of dollars of revenue to the government over the next decade, an official said.
Glencore reached a deal with Gecamines on Tuesday to end a legal dispute over Kamoto Copper Co., which is set to become Congo’s largest copper and cobalt mine. Gecamines had sought to shut down KCC after claiming Glencore failed to address a capital shortfall at the subsidiary.