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Katanga (KAT): een gigant in kobalt en koper

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seadoc 23 april 2018 22:12

quote:
easy56 schreef op 23 april 2018 22:07:
www.swissinfo.ch/eng/glencore-s-prize...

Glencore's Prize Cobalt Miner Is Bogged Down Deeper in Congo

Dat heeft kabouter ubu uren geleden al gepost. Beetje beter opletten he...

[verwijderd] 23 april 2018 22:42

quote:
seadoc schreef op 23 april 2018 22:02:
gokje gedaan op 92 cent. Eens kijken wat dat wordt morgen.

Dat is een mooie koop mijn waarde! Ik heb ze veel te duur aangeschaft.. een hoop gebloed vandaag haha... Maar goed.. morgen wordt alles anders! The only way is UP UP UP!

seadoc 23 april 2018 22:48

Pas op, dit zijn enorm volatiele aandelen, beschouw ze maar als opties...

Spes 23 april 2018 23:00

Pas op met dit soort volatiele aandelen. Hopen = verkopen. Of in ieder geval niet zwaar de sjaak zijn als je alles kwijt raakt.

www.swissinfo.ch/eng/glencore-s-prize...
Glencore's Prize Cobalt Miner Is Bogged Down Deeper in Congo
(Bloomberg) -- Katanga Mining Ltd. will soon be the world’s top cobalt miner, churning out thousands of tons of metal and billions of dollars in revenue for Glencore Plc. It’s also turning into a major thorn in the commodity giant’s side.

Katanga is controlled by Glencore but trades in Toronto, making it one of few options for equity investors seeking exposure to the coveted battery ingredient. Its shares surged more than 1,200 percent in 2017 as the company moved to restart production in the Democratic Republic of Congo and boost cobalt output -- just as ballooning projections for electric-vehicle sales turned the metal into one of the world’s hottest commodities.

Yet instead of enjoying the boom, Katanga is mired in difficulties ranging from the prospect of higher taxes to a mounting legal battle with its Congolese partner, Gecamines. The state-owned miner has started court proceedings to dissolve the local operating unit, Kamoto Copper Co. in which it holds a 25 percent stake, after Katanga failed to reduce billions of dollars of inter-company debt that has limited Gecamines’ share of profits.

Katanga tumbled as much as 30 percent in Toronto Monday morning, the biggest intraday decline since July, after the company disclosed the Gecamines move on Sunday.

Katanga also faces continued scrutiny over its relationship with sanctioned Israeli billionaire Dan Gertler and an ongoing probe by Canadian regulatory authorities, both of which remain unresolved, Katanga said in its annual report this month.

Read more about the fight over Congo’s new mining law that raises taxes

“Katanga should be one of the best assets in the world," said Ben Davis, an analyst at Liberum Capital Ltd. in London. "Instead, it has been a perennial disappointment for Glencore and the situation looks like it is set to continue.”

Glencore and Katanga declined to comment. Gecamines didn’t immediately respond Monday.

Katanga boasts one of Congo’s biggest reserves of copper and cobalt but it has underperformed for decades. In 2015, Glencore suspended operations to address the problems and upgrade the facilities. Production restarted in December and the mine is scheduled to hit 300,000 metric tons of copper next year, when it will account for about a fifth of Glencore’s global production.

That, plus a projected 34,000 tons a year of cobalt, make Katanga central to Glencore’s strategy. The legal and regulatory challenges are putting that strategy at risk and leave Glencore’s assets in a vulnerable position, said Elisabeth Caesens, a director at Brussels-based Resource Matters, who has followed Katanga since 2008.

"The various legacy issues could jeopardize Katanga’s rosy future," Caesens said. "In a country that has witnessed asset seizures in the recent past, even the most radical scenarios can never be ruled out completely."

To be sure, Simon Tuma-Waku, a former chairman of Katanga’s Congolese operating unit and vice-president of Congo’s chamber of mines, said the issues facing Katanga need to be resolved but are unlikely to slow the mine’s ramp up. Katanga is finally poised to be a "major player" in Congo’s copper sector, he said.

Here’s a breakdown of Katanga’s challenges:

Debt Structure

The court action by Gecamines means Katanga needs to urgently reduce a multi-billion-dollar capital shortfall at the Kamoto subsidiary.

Glencore and Katanga have made their investments in Congo as shareholder loans or prepayments for metal. While the structure is common among international investors in the country, missed output targets and a 10 percent interest rate mean that Kamoto’s total debt reached $9.2 billion through December, corporate filings show. That’s more than four times Katanga’s market value and has led to a $4.2 billion shortfall in working capital, which Katanga needed to resolve before January, according to local law.

Read more about Katanga unit Kamoto Copper’s capital shortfall

A first hearing is scheduled for May 8 and Katanga could get another six months to resolve the issue, the company said. Its options include forgiving a portion of the debt, which could impact Katanga’s future cash flow from the project, it said.

Gertler Sanctions

Katanga is also yet to say whether it will cease all future payments to Gertler, four months after the billionaire was sanctioned by the U.S. over alleged corruption, and despite calls from anti-corruption groups to end the relationship.

Glencore bought Gertler’s Katanga stake last year but is still obliged to pay him production royalties, which he acquired from Gecamines. Katanga is using previous advance payments to Gertler and Gecamines to offset the royalty fees, which means it doesn’t owe the billionaire anything for now, according to the annual report.

The question of future payments is a delicate one, said Caesens. Gertler maintains close personal relationships with Congo’s political elite.

"If the payments stop, Gertler misses out on about $8 million a month," she said. "He’s unlikely to let that go without a fight."

Accounting Probe

Despite restating its financial results in November, reshuffling the board and reducing the role of Glencore’s billionaire copper boss, Katanga has yet to resolve regulatory difficulties in Canada, where the Ontario Securities Commission has been investigating the company over its accounting practices since the first half of 2017.

Katanga is continuing to cooperate with the probe, which may result in the prosecution of the company or its personnel, it said in the annual report.

[verwijderd] 23 april 2018 23:21

Ach ja ik weet het, het is een fractie van mijn portefuille maar ik heb wel vertrouwen in dit aandeel.. ze hebben enorme potentie... een corporatie erachter die veel ervaring heeft... dit komt goed...

Maurice021973 24 april 2018 10:06

Gestolen van run33 op Stockhouse:

" I've thought alot about this one. Glencore owns 86.3% of the outstanding shares of KAT. They also own most/all of the debt. If they convert their debt into equity, (for example, 4.3B shares at $1.00) then the enterprise value of the company would remain the same. What would change, is earnings per share. Isn't this situation actually a WIN for Glencore? They could basically convert their debt to equity at whatever price they felt like. Then, if they felt really greedy, which I'm sure they do, they could offer the remaining shareholders a nice "premium" on the remaining paper (which would be a joke seeing as how the stock just halved) and own the entire company.

Is this an inside job?"

DeZwarteRidder 24 april 2018 10:23

quote:
KabouterUbu schreef op 24 april 2018 10:06:
Gestolen van run33 op Stockhouse:

" I've thought alot about this one. Glencore owns 86.3% of the outstanding shares of KAT. They also own most/all of the debt. If they convert their debt into equity, (for example, 4.3B shares at $1.00) then the enterprise value of the company would remain the same. What would change, is earnings per share. Isn't this situation actually a WIN for Glencore? They could basically convert their debt to equity at whatever price they felt like. Then, if they felt really greedy, which I'm sure they do, they could offer the remaining shareholders a nice "premium" on the remaining paper (which would be a joke seeing as how the stock just halved) and own the entire company.

Is this an inside job?"

Je zou bijna denken dat Glencore dit expres gedaan heeft om zo de rest van de aandelen goedkoop te kunnen inpikkken.

[verwijderd] 24 april 2018 12:44

Dan heb ik gister wel lekker goedkoop ingekocht hahaha

Just lucky 24 april 2018 13:21

Ik geef die andere partij in DRC gelijk dat ze een zaak aanspannen. Katanga pompt zijn dochtermaatschappij vol met schuld tegen een rente van 10% waardoor de winst laag blijft en er geen/nauwelijks royalties betaald hoeven te worden.

DeZwarteRidder 24 april 2018 13:24

quote:
Just lucky schreef op 24 april 2018 13:21:
Ik geef die andere partij in DRC gelijk dat ze een zaak aanspannen. Katanga pompt zijn dochtermaatschappij vol met schuld tegen een rente van 10% waardoor de winst laag blijft en er geen/nauwelijks royalties betaald hoeven te worden.

Royalties hebben niks met de schulden te maken en zijn alleen afhankelijk van de gewonnen metalen.

Maurice021973 24 april 2018 14:13

Weer gejat van Stockhouse. Nu met dank aan Springinhetveld!

"In countries like DRC it is typically the law that a state owned entity has at least a 10% share of the company doing the mining. And typcially this 10% ownership is "free carried". I.e. they do not have to contribute to the costs of exploration, construction, operations etc. etc. So it is basically an "additional" tax. Of course the companies owning the 90% and doing all the work, taking all the risk, and having to do all the financing will try to minimize the costs they have. Costs in this case being the 10% JV partner, the royalties, and taxes they have to pay. So for that an entity like KCC is set up locally in the DRC. And its mother company (KAT in our case and Glencore even higher up) gives loans and whatever kind of financial constructs that are possible so that the KCC profits are minimized. And thus they avoid paying royalties (if those are on the profits and not on the revenue), taxes, and the JV partner will also not earn a lot. This has been happening for many years (and still does) and to "fight" against that the DRC has put some rulez to limit the debt of the company.

So I guess Glencore has made the debt burdon for KCC (way) too high but until early last year nobody cared as this project was more or less death. Now with the renewed interest in copper, and the cobalt price exploding the project has become a real "gold" mine again. So the DRC has also woken up (probable with Gertner in the background) and is trying to ensure that it will get a (fair) share of the mining proceeds. So Glencore will earn a bit less in total as some of the revenues will have to be booked as KCC revenues and from those 25% will go to the DRC (and on top of that some taxes and royalties). But otherwise, nothing much will change."

Maurice021973 24 april 2018 15:38

Het houdt niet op. We gaan weer 17% omlaag. Met een volume van nu al meer dan 3 milj. stukken.

DeZwarteRidder 24 april 2018 15:53

quote:
KabouterUbu schreef op 24 april 2018 15:38:
Het houdt niet op. We gaan weer 17% omlaag. Met een volume van nu al meer dan 3 milj. stukken.

Als ik Glencore was, dan zou ik nu flink kopen.

[verwijderd] 24 april 2018 16:22

Gelukkig al wat herstel.

Van 0.47 tot 0.60 cent...

[verwijderd] 24 april 2018 16:38

We zitten alweer boven de 0.60 cent.

[verwijderd] 24 april 2018 16:50

Die dump is geeoon vanaf de openingsbel.. we gaan dik stijgen vandaag, flinke rebound

[verwijderd] 24 april 2018 16:52

quote:
BrightSight schreef op 24 april 2018 16:50:
Die dump is geeoon vanaf de openingsbel.. we gaan dik stijgen vandaag, flinke rebound

Inderdaad!

Gelukkig was de 0.47 het dieptepunt.

DeZwarteRidder 24 april 2018 16:57

quote:
Met geld kan je geld maken. schreef op 24 april 2018 16:22:
Gelukkig al wat herstel.
Van 0.47 tot 0.60 cent...

Op welke beurs is dat?

Ik heb 0,69 CAD gezien als laagste koers.

[verwijderd] 24 april 2018 17:01

quote:
DeZwarteRidder schreef op 24 april 2018 16:57:
[...]
Op welke beurs is dat?

Ik heb 0,69 CAD gezien als laagste koers.

Via de Giro, en dan de Franse..

Mos1955 24 april 2018 17:08

0,69 is in Canada en in CAD. 0,47 is in Frankfurt

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