https://www.engineeringnews.co.za
Copper|Mining
Copper|Mining
copper|mining

First Quantum launches arbitration against Zambian State miner

13th December 2019

By: Reuters

  

Font size: - +

LUSAKA – First Quantum Minerals has begun arbitration proceedings against Zambian State miner ZCCM-IH to try to resolve a dispute over a money transfer to the parent company of Kansanshi Mining, which is majority-owned by the Toronto-listed group.

The arbitration proceedings follow a criminal complaint made by State-owned ZCCM-IH against the alleged unauthorised transfer of money by Kansanshi Mining to First Quantum's local subsidiary.

ZCCM-IH in a separate case, launched action in October 2016 to sue First Quantum for $1.4-billion over claims that the Canadian company borrowed $2.3-billion from its Zambian copper mining subsidiary Kansanshi Mining without informing ZCCM-IH, a minority shareholder.

The transfer in the latest case was made between Kansanshi Mining, which is 80% owned by First Quantum and 20% owned by ZCCM-IH, to Kansanshi Holdings – the Zambian-registered vehicle through which Toronto-listed First Quantum owns its majority stake.

A ZCCM-IH official, who declined to be named, said the company had received information on Friday that Kansanshi Holdings intended to appeal for arbitration over the dispute. The statement said arbitration would take place in London.

She declined to give further details of the money transfer or when it was alleged to have occurred. She declined to comment further. First Quantum could not be immediately contacted for comment.

The Canadian miner has been embroiled in a dispute with the Zambian government after being handed a $5.8-billion bill for unpaid import duties last year.

 

Edited by Reuters

Comments

Projects

Image of Kenya map/flag
High Grand Falls dam, Kenya
Updated 1 hour 26 minutes ago By: Sheila Barradas

Latest News

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.065 0.121s - 158pq - 2rq
Subscribe Now