TORONTO-listed Katanga Mining warned its earnings would be negatively affected if a dispute over copper exports from its Democratic Republic of Congo (DRC) Kamoto mine was not resolved, said Reuters citing a statement by the firm.
The company has already put a temporary hold on cobalt exports until it can remove traces of uranium found in the concentrate. The dispute over copper exports turns on allegations by the DRC’s customs authority, the DGDA, that Katanga Mining had not fully declared the value of the metal – a claim Katanga Mining disputes.
“Unless the dispute with the DGDA is resolved and KCC’s (Kamoto Copper Company) imports and exports are permitted to resume in the near future, the suspension of imports and exports is expected to negatively impact the Company’s production and revenue,” the company said.
In its results statement on Thursday, Katanga said the DGDA had issued an order on November 9 temporarily preventing it from importing or exporting any material, including copper. Congolose authorities alleged it had failed to “… declare and pay duties on the export of at least 6,650 tonnes of copper in December 2014 and January 2015”, said Reuters citing Katanga Mining.
