Company News

Glencore says settled Congo mining dispute

June 15 (Reuters) - Miner and commodities trader Glencore has settled its Congo mining dispute with two companies associated with Israeli billionaire Dan Gertler by agreeing to pay royalties in a currency other than U.S. dollars, Glencore said on Friday.

U.S. sanctions on Gertler, Glencore’s former Israeli partner in copper and cobalt operations in the Democratic Republic of Congo, had triggered litigation and a legal tangle that investors worried might impact supplies of cobalt from the world’s biggest producer of the metal.

Glencore said it believed payment of the royalties in non-U.S. dollars to Africa Horizons Investments Limited and Ventora without the involvement of U.S. entities would address applicable sanctions obligations.

The two companies have on this basis withdrawn all pending and threatened litigation, it said. (Writing by Patrick Graham; Editing by Arathy S Nair)