Advertisement
UK markets close in 5 hours 57 minutes

  • FTSE 100

    7,866.64
    +18.65 (+0.24%)
     

  • FTSE 250

    19,420.35
    +80.21 (+0.41%)
     

  • AIM

    744.26
    +1.14 (+0.15%)
     

  • GBP/EUR

    1.1681
    +0.0014 (+0.12%)
     

  • GBP/USD

    1.2473
    +0.0017 (+0.14%)
     

  • Bitcoin GBP

    49,324.62
    -1,622.14 (-3.18%)
     

  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

  • S&P 500

    5,022.21
    -29.20 (-0.58%)
     

  • DOW

    37,753.31
    -45.66 (-0.12%)
     

  • CRUDE OIL

    82.06
    -0.63 (-0.76%)
     

  • GOLD FUTURES

    2,393.70
    +5.30 (+0.22%)
     

  • NIKKEI 225

    38,079.70
    +117.90 (+0.31%)
     

  • HANG SENG

    16,385.87
    +134.03 (+0.82%)
     

  • DAX

    17,780.05
    +10.03 (+0.06%)
     

  • CAC 40

    8,019.44
    +37.93 (+0.48%)
     
Money:

Best mortgage deals of the week

Our expert scours the market to find the best deals on offer now

Vedanta's Zambia mine to pay first instalment of $100 mln owed to govt by month-end

Reuters
A bird flies by the Vedanta office building in Mumbai August 16, 2010. REUTERS/Danish Siddiqui

LUSAKA (Reuters) - Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, will pay the first tranche of the $100 million it owes the Zambian government by the end of the month, the country's investment firm said on Tuesday.

The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH).

In December, a British court ruled against Vedanta and in favour of the Zambian government, ordering the miner to pay the southern African nation $103 million by Jan. 13, 2017.

According to the new agreement reached between the two parties, KCM will pay ZCCM-IH $20 million on Jan. 30, $22 million at the end of February, and monthly instalments of $255,000 thereafter.

(Reporting by Chris Mfula; Writing by Mfuneko Toyana; Editing by David Gregorio)