CORRECTED: Vedanta's Zambia mine to pay first instalment of $100 mln owed to govt by month-end | Reuters

(Corrects headline and first paragraph in Jan. 17 story to show payment is not a fine)LUSAKA 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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Published Date: Jan 18, 2017 21:58 PM | Updated Date: Jan 18, 2017 21:58 PM

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