ZCCM Ordered to Pay Trafigura $92 Million in London Arbitration
Updated
Updated · Bloomberg · May 29
ZCCM Ordered to Pay Trafigura $92 Million in London Arbitration
1 articles · Updated · Bloomberg · May 29
$92 million — including $69.3 million in principal and $19.7 million in interest — was awarded to Trafigura by a London arbitration tribunal in its dispute with Zambia's ZCCM Investments Holdings.
ZCCM said the ruling stems from a long-running fight over a prepayment agreement between the commodity trader and Konkola Copper Mines.
The award also requires ZCCM to cover arbitration costs and Trafigura's legal fees, adding to the state-backed investor's liability.
ZCCM disclosed the decision in a statement published on the Lusaka Securities Exchange, marking a fresh setback in a prolonged mining-sector dispute.
After a $92M payout, can Zambia's state mining firm still fund its ambitious copper expansion with KoBold Metals?
Why did Zambia’s state firm guarantee a debt for a mine majority-owned by foreign giant Vedanta, now costing it millions?