Zambia's Kansanshi Holdings has begun arbitration proceedings against ZCCM Investments Holdings and Kansanshi Mining following a complaint from Zambian state mining company ZCCM-IH, which jointly owns Kansanshi, relating to a money transfer, a statement said on Friday.
Kansanshi is the largest copper producer by output in Zambia and is 20% owned by ZCCM-IH, with the rest owned by First Quantum Minerals Limited.
A statement from the Lusaka stock exchange said the complaint referred to an allegedly unauthorised transfer of money, adding the arbitration proceedings were strictly confidential.
First Quantum and ZCCM-IH could not be immediately contacted for comment.
(Reporting by Chris Mfula; writing by Barbara Lewis; editing by Susan Fenton)
Price
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Change
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5d. change
|
Capi.
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|---|---|---|---|---|---|
| 1.56 EUR | 0.00% | -0.64% | 269M | ||
| 5,730 | -0.27% | -0.12% | - | ||
| 16.32 CAD | +0.49% | +2.69% | 9.8B | ||
