We refer to the Market Announcement (Announcement) provided in December 2016, in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a Settlement Agreement entered by the parties in 2013, for a sum in excess of US$100 million.
In the same Announcement, the market was further informed that the Court had given directions for an inquiry to determine whether KCM had breached the Settlement Agreement by making payments to Vedanta Group Companies whilst sums remained due and owing to ZCCM-IH, and whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.
We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums. Granting the claim in full, the Court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million. ZCCM-IH was also awarded its costs of bringing these proceedings.
The parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent. The final payment is expected on 31 August 2019.
By Order of the Board
Issued in Lusaka, Zambia on 29 December 2017
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Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 10 June 2016