Vedanta's Zambia mine to pay first instalment of $100 million fine to govt by month-end

Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, 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.

 Vedantas Zambia mine to pay first instalment of 0 million fine to govt by month-end

Reuters

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 13 January 2017.

According to the new agreement reached between the two parties, KCM will pay ZCCM-IH $20 million on 30 January, $22 million at the end of February, and monthly instalments of $255,000, thereafter.

Updated Date: Jan 18, 2017 09:14:40 IST