By NATION REPORTERFINANCE Minister Dr. Situmbeko Musokotwane has not provided a path-way for ZCCM-IH to recover the $2.3billion belonging to Kansanshi Copper and Gold Mines, Patriotic Front (PF) presidential candidate, Emmanuel Mwamba has said.He said in 2016, ZCCM-IH took a legal suit to recover US$2.3billion from First Quantum Minerals (FQM). ZCCM-IH had also filed a notice of arbitration against First Quantum Minerals in London over the same matter.This was after an audit established that FQM had illegally externalised US$2.3billion revenue from Kansanshi Copper and Gold Mine, fraudulently and without board approval.Mr Mwamba, Zambia’s former Ambassador to Ethiopia said ZCCM-IH which held 20% shareholding in Kansanshi Copper and Gold Mine was seeking a pay-out of $1.4billion, which money included its principal share of US$570million, a tax liability of US$260million and interest of US$228million among other claims.Mr Mwamba however said Dr Musokotwane announced on 6th December 2022 that ZCCM-IH were directed to drop the recovery court cases and […]
‘US$1.4billion owed to ZCCM-IH by FQM should be recovered’
