- Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY) says head of copper trading Telis Mistakidis will step down by the end of this year, amid increased scrutiny following a string of investigations and legal headaches, particularly regarding his dealings in the Democratic Republic of Congo.
- Mistakidis, a billionaire who began working at Glencore in the early 1990s, will be replaced by Nico Paraskevas, former CFO of Katanga Mining.
- The company also says Peter Freyberg, currently head of global coal assets, will switch to the newly created role of head of industrial mining assets.
- Glencore also narrows its 2018 operating earnings outlook at its trading division to $2.6B-$2.8B from $2.2B-$3.2B previously, citing weakness in its alumina and cobalt businesses.
- Finally, Congo's mines ministry says authorities officially began an audit of the supply chain at Glencore's local unit chain to determine the source of uranium detected in its cobalt.
- The U.S. Department of Justice also is probing the company's activities in the Congo, Venezuela and Nigeria, and Canada’s Ontario Securities Commission is looking into Katanga Mining and its accounting practices.
- Now read: A Brief Update On The Vanadium Boom
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