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ARTICLE · 02 JANUARY 2019

Katanga Settles With OSC For $30 million

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Katanga Mining Limited, which operates a copper mine and other copper and cobalt facilities in the Democratic Republic of Congo, has entered into a settlement agreement with Ontario Securities Commission staff, which has been approved by a hearing panel of the Commission.

CanadaCorporate/Commercial Law
Graham Splawski
Graham Splawski
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Katanga Mining Limited, which operates a copper mine and other copper and cobalt facilities in the Democratic Republic of Congo, has entered into a settlement agreement with Ontario Securities Commission staff, which has been approved by a hearing panel of the Commission, along with eight of Katanga's directors and officers.

Following inquiries made pursuant to Staff's investigation, in July 2017, Katanga announced it was conducting an internal review of its financial reporting practices. On August 14, 2017, Katanga announced it was re-issuing financial statements from 2014 – 2017, and on August 15, 2017 the Commission issued a management cease trade order. In November, 2017, a number of Katanga's officers and directors resigned.

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