Glencore Appoints Directors to Katanga to Oversee Corporate Governance Measures
20 Novembre 2017 - 9:29AM
Dow Jones News
By Ian Walker
Glencore PLC (GLEN.LN) said Monday that it has nominated three
directors to Katanga Mining Ltd. (KAT.T) to carry out measures to
strengthen Katanga's corporate governance, compliance and control
processes.
The natural resources firm, which owns around 86% of Katanga,
announced the move in response to Katanga's statement that it had
completed a review of certain historic accounting practices which
lead to a restatement of its earnings.
Katanga's review identified accounting practices that, among
other things, incorrectly recorded the total tonnage of finished
copper cathode production. This resulted in an overstatement of
finished product inventories and incorrectly recorded the valuation
of copper concentrate included in work-in-progress inventories, the
valuation of ore in stockpile inventories and the amounts of
property, plant and equipment during 2016, 2015 and prior periods,
Katanga said.
Glencore added that the adjustments to Katanga's accounts won't
have any material effect on its consolidated income, financial
position or cash flows.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
November 20, 2017 03:14 ET (08:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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