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Vedanta unit must pay US$103M to Zambian state miner over copper price deal

The High Court of Justice in the U.K. ordered Vedanta Resources Plc unit Konkola Copper Mines Plc to pay about US$103 million to Zambian state-owned copper miner ZCCM Investments Holdings Plc over a copper price agreement, Bloomberg News reported Dec. 19.

The payment is due within 30 days, and Konkola said it was in talks with ZCCM and other relevant stakeholders to resolve all outstanding issues within this period.

Konkola was not able to pay the money owed under a copper price participation agreement due to operational and financial challenges, ZCCM said in its 2015 annual report.

Although Konkola hoped to settle the dispute out of court, ZCCM went to court in June to claim the outstanding sum, which was to be settled from Konkola's available cash flow, CEO Steven Din told Bloomberg in November.

The court also ordered the Vedanta unit to pay 80% of ZCCM's legal costs.

ZCCM is also claiming US$1.4 billion from First Quantum Minerals Ltd. after it accused the latter of fraud in a suit filed in the High Court of Zambia.