Wed, 03 Jan 2018 14:09:07 +0000 By MAILESI BANDA KONKOLA Copper Mines (KCM) has been ordered by the court to pay an additional US$35, 991, 768, to ZCCM-IH for claims relating to outstanding payments under a 2013 copper price participation settlement agreement between the two entities. In June 2016, ZCCM-Investments Holdings sued KCM claiming more than US$100 million from Vedanta Resources’ the owners of KCM. According to an update from ZCCM-IH, the institution successfully brought an application for summary judgment against KCM, for an additional sum bringing the total amount awarded to approximately US$139 million. ZCCM-IH company secretary Chabby Chabala announced that the parties have since agreed on a repayment plan for the recovery of these additional sums. Mr. Chabala explained that the plan consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent. He noted that the final payment is expected on 31 August 2019. “We now advise that […]
