Vedanta Unit Told to Pay Zambian State Company $103 Million
- ZCCM-IH wins London default judgment over copper-price deal
- Vedanta unit KCM also ordered to pay 80% of ZCCM’s legal costs
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Vedanta Resources Plc’s Zambian unit must pay the southern African country’s majority state-owned mining investment company about $103 million after a London ruling related to a copper-price agreement.
ZCCM Investments Holdings obtained a default judgment in the U.K.’s High Court of Justice against Konkola Copper Mines on Dec. 16, it said in an e-mailed statement Monday. KCM said in an e-mailed statement on Tuesday that it’s consulting with ZCCM-IH and “other relevant stakeholders to resolve all outstanding issues within 30 days, in accordance with the court’s ruling.”