LUSAKA (Reuters) – Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, will pay the first tranche of the $ 100 million it owes the Zambian government by the end of the month, 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.
(Reporting by Chris Mfula; Writing by Mfuneko Toyana; Editing by David Gregorio)
