Glencore shares rallies on Monday after the company announced the resignation of its copper chief, Telis Mistakidis.
The Anglo-Swiss commodity and mining company announced the departure of Mistakidis. a long-term director, who has been with the firm since 1993. He is set to be replaced by Nico Paraskevas.
Glencore is currently under investigation for its assets in the Democratic Republic of Congo.
Last month, the Katanga mining business, which Glencore has a controlling stake in, came up against further troubles amid a row with the government over export duties.
At the time of the news, Glencore issued a statement regarding the dispute.
Katanga said in a statement:
“Given that the copper cathode production at issue did not exist and that the copper lots were not exported, Kamoto strongly asserts that no export duties are owing on the overstated (not produced and not sold) copper cathode. As indicated above, Kamoto is engaged in discussions with the DGDA with a view to resolving the dispute,”
“Although the Company is optimistic that the parties will reach a satisfactory resolution in the coming days to allow imports and exports to continue, unless the dispute with the DGDA is resolved and Kamoto’s imports and exports are permitted to resume in the near future, the suspension of imports and exports is expected to negatively impact the Company’s production and revenue during the suspension,” it continued.
Alongside Mistakadis’ resignation, other management changes announced include roles within its coal, ferroalloys trading and mining divisions.
Moreover, Glencore adjusted its forecast for 2018 core profit in its trading division to be in the region of $2.7 billion.
Glencore had initially expected full-year training earnings from trading to be towards the top end end of its $2.2 billion to $3.2 billion range.
Shares in Glencore (LON:GLEN) are currently +4.64%, as of 15:27PM (GMT).
