LUSAKAKonkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources, 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 January 13.

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

Source: Reuters

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