(Reuters) – Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC , will pay the first tranche of a $100 million fine to the Zambian by month end, the country’s investment firm said on Tuesday.

The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and Consolidated Copper Mines Investments Holdings (ZCCM-IH).

In December a British court ruled against Vedanta and in favour of the Zambian government, ordering the miner to pay the southern African nation $103 million by Jan. 13, 2017.

According to the new agreement reached between the two parties, KCM will pay ZCCM-IH $20 million on Jan. 30, $22 million at the end of February, and monthly instalments of $255,000 thereafter.

By Chris Mfula

RELATED:

ZAMBIANS TAKE UK MINING GIANT TO COURT

LONDON COURT SUSTAINS WORLDWIDE FREEZING OF KCM ASSETS

KCM KEEN ON EXTENDING LIFE

SAFETY CONCERNS AT KCM

KCM HERE TO STAY

Related Posts

Leave a Reply

Your email address will not be published.