A London arbitration tribunal ordered Zambia’s majority state-owned investment company, ZCCM Investments Holdings Plc, to pay Trafigura about $92 million in over a prepayment agreement between the commodity trader and Konkola Copper Mines.
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The award comprises $69.3 million in principal and $19.7 million in interest, plus arbitration costs and Trafigura’s legal fees, ZCCM said in a statement published on the Lusaka Securities Exchange.
ZCCM is evaluating its legal options regarding the final award, it said.
Trafigura initiated the case two years ago over a prepayment agreement with Konkola Copper Mines, which was operated at the time by ZCCM-IH.
(By Matthew Hill)
