June 28, 2019 / 9:35 AM / a month ago

BUZZ-Glencore: Rises; Jefferies sees minimal EBITDA hit from Congo mine accident

** Glencore Plc shares up 2.2%, recovering slightly after dropping ~5% after a mine accident on Thursday

** At least 41 artisanal miners were killed on Thursday when part of a copper and cobalt mine owned by Glencore collapsed in southeast Congo, the provincial governor said

** “The tragedy was arguably beyond Glencore’s control as illegal artisanal miners have been entering its properties in the DRC and mining indangerous areas despite warnings from local mining companies of the risks of these activities,” Jefferies said

** “We do not believe this incident will materially impact its EBITDA, we are concerned about the risk of additional safety issues in the future as these illegal mining activities are unlikely to stop in the country” - Jefferies (Reporting by Justin George Varghese in Bengaluru)

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