Katanga Mining (TSX:KAT)
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1 Year : From Dec 2018 to Dec 2019
By Stephen Nakrosis
Katanga Mining Ltd. on Thursday said it entered into a management services agreement with Glencore International AG, and named a new chief executive and a new financial chief.
Danny Callow was named CEO, Katanga said. He was head of Africa copper operations at Glencore, a position he had held since January 1, 2015. Prior to that, Mr. Callow was CEO of Mopani Copper Mines PLC, a Glencore subsidiary, until December 2014.
Paul Smith, Katanga's new CFO, joined Glencore PLC in July 2011 and since 2013 was head of strategy there.
Mr. Callow and Mr. Smith are being provided to Katanga by Glencore International pursuant to the management services agreement.
Grant Sboros, Katanga's current CFO, will continue in his role as site CFO of Katanga's 75%-owned operating subsidiary, Kamoto Copper Company SA. Samuel Rasmussen, Katanga's current COO, will assume the role of managing director of operations at Kamoto.
Under the terms of the management services agreement, Glencore will make personnel available to Katanga, and will provide administrative, financial and other management services to manage and support the operations of Katanga and its subsidiaries, and to support Katanga's governance and reporting to the board and shareholders, the companies said.
Glencore International is the majority shareholder in Katanga Mining, which operates a major mine complex in the Democratic Republic of Congo, producing refined copper and cobalt.
--Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires
January 17, 2019 18:19 ET (23:19 GMT)
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