‘US$1.4billion owed to ZCCM-IH by FQM should be recovered’


FINANCE Minister Dr. Situmbeko Musokotwane has not provided a path-way for ZCCM-IH to recover the $2.3billion belonging to Kansanshi Copper and Gold Mines, Patriotic Front (PF) presidential candidate, Emmanuel Mwamba has said.

He said in 2016, ZCCM-IH took a legal suit to recover US$2.3billion from First Quantum Minerals (FQM). 

ZCCM-IH had also filed a notice of arbitration against First Quantum Minerals in London over the same matter.

This was after an audit established that FQM had illegally externalised US$2.3billion revenue from Kansanshi Copper and Gold Mine, fraudulently and without board approval.

Mr Mwamba, Zambia’s former Ambassador to Ethiopia said ZCCM-IH which held 20% shareholding in Kansanshi Copper and Gold Mine was seeking a pay-out of $1.4billion, which money included its principal share of US$570million, a tax liability of US$260million and interest of US$228million among other claims.

Mr Mwamba however said Dr Musokotwane announced on 6th December 2022 that ZCCM-IH were directed to drop the recovery court cases and the State had engaged the Director of Public Prosecutions (DPP) to discontinue the criminal charges pending against the FQM Directors.

Mr Mwamba said instead of Zambia looking for foreign investment or seeking the return of the discredited Vedanta, Government should help ZCCM-IH, which urgently needed this money to run both KCM and Mopani Copper Mines.

Dr. Musokotwane must explain when First Quantum Minerals will pay ZCCM-IH this colossal sum.

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