ZCCM wins default judgement in dispute with Konkola Copper

ZCCM Investment Holdings updated the market on Thursday on its claim, filed with the English High Court, to recover outstanding sums in excess of $100m due to it from Konkola Copper Mines pursuant to the terms of the settlement agreement entered into in 2013.

The company confirmed it has been successful in its application for default judgment, and KCM was ordered on 16 December to pay all sums owed to ZCCM-IH pursuant to the settlement agreement, plus associated contractual interest, within 30 days.

“The total amount to be paid by KCM amounts to approximately $103m,” ZCCM said in a statement.

“KCM has also been ordered to reimburse ZCCM-IH 80% of the costs it has incurred in pursuing its claim.”

The board of ZCCM said further directions have been given to determine whether KCM made payments to Vedanta Group companies in breach of the prohibition on doing so under the settlement agreement.

“If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM.”