Katanga Mining today (May 8) provided an update on the legal proceedings disclosed by the Company on April 20, 2018.
Katanga Mining (TSX: KAT) today (May 8) provided an update on the legal proceedings disclosed by the Company on April 20, 2018.
In April Katanga Mining Company’s joint venture partner Gécamines sought to dissolve the Kamoto Copper Company (KCC) following the KCC’s failure to address a capital deficiency.
As quoted in the press release:
“As a precautionary measure, the company obtained a decision from the Supreme Court of the DRC on May 4, 2018 allowing KCC to challenge the competency of the Kolwezi Commercial Court to rule on the capital deficiency proceedings. The Kolwezi Court was notified of the decision of the Supreme Court on May 7, 2018. As a result of the decision of the Supreme Court, the Kolwezi Court concluded today that the previously scheduled capital deficiency proceedings should be suspended until after the Supreme Court renders its decision. The first hearing of the Supreme Court is scheduled on June 15, 2018.”