Indian Copper is trading at Rs 462 per kg, up 1.3%. The prices of Copper tested a high of Rs 463.65 per kg, and a low of Rs 456.6 per kg.
Glencores Katanga Mining, which has a 75-percent stake in KCC, has until a May 8 court hearing to take all the necessary steps to ensure the company can continue to operate under Democratic Republic of Congo (DRC) law. The issue is going to court as a result of actions taken by Gécamines, a DRC state-owned copper-mining company that controls the other 25 percent of KCC in a joint venture with Katanga. A Glencore subsidiary said the Democratic Republic of Congos state-owned mining company began legal proceedings to dissolve a unit forecast to become the worlds largest cobalt mine, because of a capital shortfall.
High levels of debt at mining companies are becoming an increasingly heated issue in Congo, the worlds largest source of cobalt and Africas biggest copper producer. Gecamines has said it plans to renegotiate partnerships with international companies to give it a greater stake in mining revenue and profit.