April 24, 2018 / 9:30 AM / 7 months ago

Congo's Gecamines says debts require dissolution of Glencore venture

DAKAR, April 24 (Reuters) - Congo’s state miner Gecamines said on Tuesday that it had been forced to initiate judicial proceedings to dissolve its Kamoto copper and cobalt joint venture with Glencore due to high debts that have persisted for more than 10 years.

Gecamines said in a statement that debts owed by Kamoto to Glencore and its subsidiaries at the end of 2017 topped $9 billion, including $4.6 billion in financial debt and $4.5 billion in commercial debt.

Kamoto is 75 percent controlled by Glencore-owned Katanga Mining.

Reporting by Aaron Ross; editing by Jason Neely

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