Congo Court Suspends Gecamines Bid to Dissolve Glencore Unit
- State miner wants Kamoto dissolved over capital shortfall
- Kamoto had capital shortfall of $4.2 billion at end-December
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A Democratic Republic of Congo court suspended proceedings initiated by state-owned mining company Gecamines to dissolve a unit of Glencore Plc until at least next month.
The Commercial Court in Kolwezi, in southeastern Congo, ordered the suspension while it awaits a ruling by the Supreme Court on its competence to hear the case, Francoise Kena wa Tshimanga, a lawyer for Kamoto Copper Co., said by phone Tuesday. Katanga Mining Ltd., which controls KCC, obtained a decision from the Supreme Court on May 4 allowing it to challenge the Kolwezi court’s competence, Katanga said in a statement Tuesday. The Supreme Court’s first hearing is scheduled for June 15, according to the statement.