LUSAKA Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC (VED.L), will pay the first tranche of a $100 million fine to the Zambian government by the end of 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; Writinig by Mfuneko Toyana; Editing by David Gregorio)
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Published Date: Jan 18, 2017 04:45 AM | Updated Date: Jan 18, 2017 04:45 AM