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  • Katanga mining provides Update on KCC Recapitalization process and Notes commencement of DRC legal Proceedings by Gecamines

    Katanga Mining Limited (TSX: KAT)  was notified on April 20, 2018 that its joint venture partner, the Democratic Republic of Congo state-owned La Générale des Carrières et des Mines, in the Company’s 75% DRC operating subsidiary Kamoto Copper Company, has commenced legal proceedings in DRC to dissolve KCC following KCC’s failure to address its previously disclosed capital deficiency or, alternatively, if the Court provides KCC with a period of time within which to regularize the situation, to request the appointment of an expert to assess and report to the Court on KCC’s financial position and the recapitalization plan. A court hearing is scheduled to be held in the DRC on May 8th, 2018. The court may grant KCC a maximum period of six months to regularize the situation. The Company believes that it has several options to remedy KCC’s capital deficiency and avoid KCC’s dissolution.

    Read more at Katanga mining provides Update on KCC Recapitalization process and Notes commencement of DRC legal Proceedings by Gecamines.

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