This is according to court papers filed in the United Kingdom High Court and an emailed statement issued by the Lusaka Securities Exchange.
The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between ZCCM-IH and Konkola Copper Mines.
“The ZCCM-IH and Konkola Copper Mines Plc joint announcement dated 8th April 2013, regarding the signing of an agreement relating to KCM’s settlement of outstanding payments and contingent amounts payable under the Price Participation Agreements that existed prior to April 2013,” it said.
“Further to the Joint Announcement, and in compliance with the requirements of the Securities Act, Cap 354 of the Laws of Zambia and the General Obligations of Disclosure under the Continuing Obligations of the Listings Requirements of the Lusaka Stock Exchange, we wish to advise that on 6th June 2016, ZCCM-IH filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM, pursuant to the terms of the Settlement Agreement entered into in 2013.”
ZCCM-IH anticipates a judgment from the English High Court in either fourth quarter of 2016 or early in the first quarter of 2017.