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Katanga Mining Ltd
Symbol KAT
Shares Issued 1,907,380,413
Close 2017-11-20 C$ 1.22
Market Cap C$ 2,327,004,104
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Globe says OSC probes Katanga Mining's accounting

2017-11-21 06:35 ET - In the News

The Globe and Mail reports in its Tuesday, Nov. 21, edition that three Glencore executives have resigned from the board of its subsidiary Katanga Mining after an internal review found "material weaknesses" in its financial reporting controls, amid a regulatory probe by the Ontario Securities Commission. The Globe's Niall McGee writes that on Monday, Katanga announced it is restating a number of financial documents, including its consolidated financial statements for the 2015 and 2016 fiscal years, and its management discussion and analysis (MD&A) for the quarters ending March 31, 2017, and 2016. Katanga also said its chief financial officer, Jacques Lubbe, was stepping down. Katanga is majority owned by Glencore. In July, Katanga first announced it was conducting a review of its past accounting, and indicated some of its financial statements would likely be restated. On Monday, Katanga said the review was prompted by the OSC, which had already started an investigation into the firm. The OSC is investigating whether Katanga's previously filed financial statements were materially misleading. The OSC is also looking into the conduct of certain unnamed directors and officers.

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