KCM in discussion over the $100 million settlement with ZCCM-IH

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KCMKonkola Copper Mines -KCM- says it is in discussion with ZCCM-IH over the London High Court ruling in an effort to resolve all outstanding issues

within 30 days.

KCM Public Relations and Communications Manager, Shapi Shachinda says the mining firm has pledged to abide by the court ruling.

Mr Shachinda said this in a statement to the media.

Konkola Copper Mines has been ordered by the English High Court to pay in excess of 100 Million US dollars owed to ZCCM-IH.

KCM has further been ordered to pay all sums owed to ZCCM-IH pursuant to the Settlement Agreement plus associated contractual interest within fourteen days.

The total amount to be paid by KCM is to approximately One hundred and three million dollars.

The English High Court has also ordered the Vedanta owned firm to reimburse ZCCM-IH 80 percent of the costs it has incurred in pursuing its claim.

This is according to a judgment passed in the English high court on Friday, last week.

In June 2016, ZCCM-IH filed a claim before the London High Court of Justice in relation to outstanding amounts pursuant to the terms of the settlement agreement.

The Court on Friday, 16 December 2016, made a ruling allowing ZCCM-IH’s application for judgment and also ruled that KCM should pay the liability in the region of 100 million dollars.

7 COMMENTS

  1. +2
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    If they can’t pay let them surrender the property to ZCCM in exchange for the owed money. And ensure a proper inspection of installations is dutifully done.

  2. vote

    Let the blood suckers just pay as ruled. These chaps have always taken us for granted as they suck the profits out of the country without repercussions.
    Congrats ZCCM IH.

  3. +1
    0
    vote

    Let the blood su.ckers just pay as ruled. These chaps have always taken us for granted as they su.ck the profits out of the country without repercussions.
    Congrats ZCCM IH.

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