June 13, 2018 / 7:26 AM / 4 months ago

BUZZ-Glencore: Shares soar as Gécamines dropping legal proceedings against unit

** Mining company Glencore’s shares up 2.5 pct at 393 pence- top of FTSE 100 index

** Congo state miner Gécamines to drop legal proceedings with Glencore unit Katanga Mining to dissolve a copper and cobalt joint venture

** Katanga said it agreed a recapitalization plan for 75-percent-owned Kamoto Copper Co with Gécamines involving converting $5.6 billion of Kamoto’s debt to equity to fix a capital shortfall

** “Settlement should allay some of the concerns around the DRC assets and we see this as a positive for the stock price”, Goldman Sachs Analysts said

** Stock has risen over 33 pct in the last 12 months

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