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Client Work

Katanga Mining completes largest rights offering in Canadian history

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Katanga Mining Limited

On December 19, 2019, Katanga Mining Limited, which operates a large-scale copper-cobalt project in the Democratic Republic of Congo (DRC), completed an offering of rights exchangeable into common shares to raise approximately C$7.6 billion. This is by far the largest rights offering in Canadian history.

Glencore International AG is one of the world's leading integrated producers and marketers of commodities. Glencore agreed to accept the rights offering to repay Katanga’s debt of US$5.8 billion owed to Glencore. Prior to the completion of the Rights Offering, Glencore held approximately 86% of the issued and outstanding Common Shares, and following completion holds approximately 99.5%.

Fasken advised the special committee of Katanga with a team lead by John Turner, which included Dan Fuke and Flordin Polo.


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