(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 government 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 Zambia 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