ZUG, Switzerland, Jan. 17, 2019 /CNW/ - Katanga Mining
Limited (TSX: KAT) ("Katanga" or the
"Company") today announced that the Company has entered into
a management services agreement with Glencore International AG
("GIAG").
Katanga has entered into the management services agreement to
better reflect the integrated nature of Katanga's and GIAG`s
businesses and enhance existing controls. Pursuant to the
management services agreement, GIAG will make personnel of GIAG
available to Katanga, and will provide to Katanga 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 Katanga's
shareholders.
Katanga is also pleased to announce that Danny Callow has been appointed as Chief
Executive Officer and director of Katanga
and Paul Smith has been appointed as Chief Financial Officer
of Katanga. The executive services of Messrs. Callow and Smith are
being provided to Katanga by GIAG pursuant to the management
services agreement.
Danny Callow is the Head of
Africa Copper Operations of Glencore International, a position he
has held since January 1, 2015.
Prior to that, Mr. Callow served as the Chief Executive Officer of
Mopani Copper Mines Plc, a Glencore subsidiary, from September 2011 until December 2014. Mr.
Callow joined Mopani Copper Mines Plc from Mutanda Mining, a
Glencore subsidiary in the Democratic
Republic of Congo, where he had been General Manager since
July 2007. He also served in various
senior management positions in the South African mining industry.
Mr. Callow holds an MBA from Henley Management College and a
Bachelor (Hons) of Mining Engineering from the Camborne School of
Mines.
Paul Smith joined Glencore plc in
July 2011 and is the Head of Strategy
of Glencore Plc, a position he has held since 2013. Mr. Smith
joined Glencore from Marshall Wace,
where he was an analyst and portfolio manager, overseeing the
mining, basic materials and capital goods sectors since 2005. Prior
to that, he worked for Credit Suisse First Boston where he was an
equity analyst. Mr. Smith is a Chartered Accountant and holds a MA
in Modern History from Lincoln College,
University of Oxford.
"We are very pleased that Danny and Paul will be joining our
executive management team," stated Hugh
Stoyell, Chairman of the Board of Directors. "Their
extensive experience and operational and financial backgrounds will
be of tremendous benefit as we advance the Company's
strategy. In addition, the management services agreement with
GIAG will allow the Company to continue to move forward with
improved governance, compliance and control procedures and to focus
on the completion of operational enhancements to its 75% owned
copper and cobalt mine in the DRC with enhanced value for all our
stakeholders, including its shareholders and joint venture
partners."
Grant Sboros, the Company's
current Chief Financial Officer, will continue in his role as Site
Chief Financial Officer of Katanga's 75% owned operating
subsidiary, Kamoto Copper Company SA ("KCC"). Samuel Rasmussen, the Company's current Chief
Operating Officer, will assume the role of Managing Director of
Operations at KCC. The Company's current Chief Executive Officer,
Johnny Blizzard, has resigned from
the Company with effect from January 16,
2019 in accordance with the previously announced settlement
agreement with Staff of the Ontario Securities Commission.
A copy of the management services agreement will be filed on
Katanga's SEDAR profile at www.sedar.com.
About Katanga Mining Limited
Katanga Mining Limited
operates a major mine complex in the Democratic Republic of Congo producing refined
copper and cobalt. The Company has the potential to become
Africa's largest copper producer
and the world's largest cobalt producer. Katanga is listed on the
Toronto Stock Exchange under the symbol KAT.
Forward Looking Statements
This press release
contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or describes
a "goal", or variation of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs
and assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, those factors disclosed in the Company's current
annual information form and other publicly filed documents.
Although Katanga has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events, or otherwise, except in accordance with
applicable securities laws.
SOURCE Katanga Mining Limited