Glencore is facing a threatened lawsuit exceeding $1.4 billion from a Singapore-based commodity trader while negotiating a strategic deal involving two of the Democratic Republic of Congo’s largest copper and cobalt operations.
Radiant World has accused the Swiss commodities group of causing it substantial losses after their trading relationship collapsed, according to documents reviewed by the Financial Times.
The proposed claims have not resulted in a court judgment, and Radiant has not been awarded any money.
Glencore has rejected the allegations as meritless. The company maintains that it suffered losses from its dealings with Radiant and has already made provisions for its remaining exposure.
The dispute comes as Glencore works towards a separate transaction that could give a US-backed consortium a 40% interest in the company’s stakes in Kamoto Copper Company and Mutanda Mining in the DRC.
