TIDMZCC

RNS Number : 5441S

ZCCM Invs.Hldgs PLC

21 December 2016

ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or "the Company"]

MARKET UPDATE

We refer to the Market Update where the market was advised that ZCCM-IH had filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from Konkola Copper Mines Plc (KCM) pursuant to the terms of the Settlement Agreement entered into in 2013.

We now advise that ZCCM-IH has been successful in its application for default judgment. KCM has been ordered (on 16 December 2016) to pay all sums owed to ZCCM-IH pursuant to the Settlement Agreement (plus associated contractual interest) within thirty (30) days. The total amount to be paid by KCM amounts to approximately US$103 million. KCM has also been ordered to reimburse ZCCM-IH 80% of the costs it has incurred in pursuing its claim.

Further directions have been given to determine whether KCM made payments to Vedanta Group Com panies in breach of the prohibition on doing so under the Settlement Agreement. If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM.

By Order of the Board

C Chabala

Company Secretary

Issued in Lusaka, Zambia on 20 December 2016

 
  Lusaka Securities Exchange Sponsoring Broker 
=============================================== 
   T | +260-211-232456 
 
    E | advisory@sbz.com.zm 
 
    W | www.sbz.com.zm 
 
    Stockbrokers Zambia Limited (SBZ) 
    is a founder member of the Lusaka 
    Securities Exchange and is regulated 
    by the Securities and Exchange 
    Commission of Zambia 
  ============================================= 
                   First Issued on 10 June 2016 
-----------------------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDLLFETFVLLFIR

(END) Dow Jones Newswires

December 22, 2016 02:00 ET (07:00 GMT)

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