A London Court has ordered Konkola Copper Mines to pay ZCCM-IH $139 million in a claim related to the copper price, raising by $36 million the amount it was originally ordered to pay.
The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and ZCCM-IH.
In a statement, ZCCM-IH said, “we refer to the Market Announcement (Announcement) provided in December 2016, in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a Settlement Agreement entered by the parties in 2013, for a sum in excess of US$100 million.”
“In the same Announcement, the market was further informed that the Court had given directions for an inquiry to determine whether KCM had breached the Settlement Agreement by making payments to Vedanta Group Companies whilst sums remained due and owing to ZCCM-IH, and whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.”
It added, “We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums. Granting the claim in full, the Court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million. ZCCM-IH was also awarded its costs of bringing these proceedings.”
ZCCM-IH says the parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent.
It said the final payment is expected on 31 August 2019.
Let them pay ba Mwenye. Agarwal alitumockinga
Nkongole killing us left and right!?
I was born the Copperbelt and the place is backwards dirty and poor.
This payment won’t help but….
I think very less of anyone from there
THAnks
BB2014,2016
Corrrrrrupt PF President LUNGU sold ZCCM-IH shares for $100million to himself through an unknown Israeli shelf company called SAPIR CAPITAL, just 2 weeks after he visited Israel on a fake state visit. Just see the offices of SAPIR on the link below & you’ll see what I mean.
wwwDOTlusakatimesDOTcom/2017/06/13/president-lungu-wants-remove-zccm-ih-ceo-savior-chishimba/
This Lazy thief has to go!!!
Nkongole killing us left and right!?
Has this same ZCCM-IH not been sold ?
I hope that doesnt happen before 2021 as these lazy cotrupt rats will sell everything!!
Really laughable…which ever foool believes that KCM and its sly chairman Anil Agarwal have pledged to pump in $1 billion in the mine needs his head to be examined as these crooks do not have even $50 million to pay off this debt. They are lucky we have a corrupt crook in State House easily duped with shiny trinkets.
Victory at long last
We have been telling everyone that these miners are in mineral business which fortunately for Zambia are not found in their countries of origin. But when you see how these mine owners refuse to pay reasonable taxes to Government and refuse to pay ZESCO appropriate tariffs, one wonders, what’s wrong with us Zambians?
Can a Zambian native dictate business terms in foreign countries in the name of being an investor? The answer is a big NO. It’s time our ministries started developing business BLUEPRINTS on which short, medium and long term business rules will be based.
Let’s woke up guys. We have been robbed for far too long by the so called investors, the friends to HH and GBM.
Under what jurisdiction is this foolish London court making such utterances? Soon they will be ordering Zambian’s off their own land, what a load of rubbish! what about ordering mining companies who are busy stealing billions and stashing them in Swiss accounts?
It is time we began to use our local courts. Mwanawasa made a grave error.
so lazy lungu can bail them out…ignorant Sharon!!
$139 million is change in the mining sector. These guys just take advantage of us.
The court vislctory is a worthy celebration in its own right. The question is : is the payment going to benefit the general Zambian populace?
Sorry, mates.Meant victory
Insanity at work