Konkola Copper Mines (KCM), owned by Vedanta Resources, has been ordered by a London court to pay the Zambian government more than $100 million for a claim related to the copper price, a state-owned company involved in the dispute said.
The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH), the latter said late on Monday.
In June this year, ZCCM-IH filed the claim with the English High Court to recover over $100 million it said was owed to it from KCM in terms of the 2013 agreement.
A ZCCM-IH spokeswoman said the company and KCM planned to issue a joint press statement on Tuesday to give further details of the ruling.
Credit: CNBC Africa