The English High Court has awarded Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) a further US$35,991,768, bringing the total amount awarded to approximately US$139 million in its case against Konkola Copper Mines.

In a statement, the ZCCM-IH referred to the announcement provided in December 2016 in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a settlement agreement entered by the parties in 2013, for a sum in excess of US$100 million.

The statement added that in the same announcement, the market was further informed that the court had given directions for an inquiry to determine whether KCM had breached the settlement agreement by making payments to Vedanta Group Companies whilst sums remained due and owing to ZCCM-IH and “whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.”

“We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums. Granting the claim in full, the court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million. ZCCM-IH was also awarded its costs of bringing these proceedings,” read the statement.

“The parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent. The final payment is expected on 31 August, 2019. ZCCM-IH was also awarded its costs of bringing these proceedings.”