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KCM pays ZCCM-IH $70 million

KONKOLA Copper Mines (KCM) has paid out about US$70 million to ZCCM-Investment Holdings (IH) in claims as at December last year.

ZCCM-IH chief executive officer Pius Kasolo said in an interview on Monday that KCM has been making monthly payments to the company.

In 2016, the English High Court granted default judgment in favour of ZCCM-IH in its claim against KCM, brought pursuant to a settlement agreement entered by the parties in 2013, for a sum of US$103 million.

The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between ZCCM-IH and KCM.

Source: Zambia Daily Mail Limited

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