© Reuters. Glencore to strengthen Katanga oversight amid accounting issues
- Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY) says it has identified material weaknesses in the internal controls for financial reporting at its majority-owned Katanga Mining subsidiary.
- However, Glencore says the review will not have a material impact on its consolidated income or cash flow, and there will be no changes to the anticipated timing of the commissioning of the Whole Ore Leach project at Katanga in Congo, where it mines copper and cobalt.
- Glencore says it has nominated three new directors to Katanga’s board to carry out measures to strengthen corporate governance, compliance and control processes.
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