ZCCM-IH (Zambia) – Further Cautionary Announcement

By Published On: July 28th, 2021Categories: Corporate announcement

Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcement dated 23 May 2019 concerning the following:
• ZCCM-IH filing a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC (“KCM”) on 21 May 2019 (the “Petition”) and the appointment by the Court of Mr Milingo Lungu as provisional liquidator of KCM (the “Provisional Liquidator”);
• The legal proceedings commenced by Vedanta Resources Limited and Vedanta Resources Holdings Limited (together “Vedanta”) against ZCCM-IH on 2 July 2019 in the High Court of South Africa;
• Vedanta’s applications to the High Court of Zambia to stay the liquidation proceedings and refer the matter to arbitration.

The South African proceedings were pursuant to the Arbitration proceedings which were yet to be commenced and were eventually commenced by Vedanta against ZCCM-IH on 31 July 2019. The Arbitration proceedings (which are confidential as between the parties) are underway and yet to be finally resolved. Shareholders, are however, advised that on 7 July 2021 the Sole Arbitrator made a Partial Final Award (“the Award”). The Award was in some parts in favour of ZCCM-IH and in some parts in favour of Vedanta. The Award has no effect on ZCCM-IH’s application for leave to appeal against the decision of the Court of Appeal announced in ZCCM-IH’s further cautionary announcement of 23 June 2021. Further, the Award has no effect on the position of the Provisional Liquidator, who remains in office.

ZCCM-IH will provide details on this matter in due course. In the meantime, Shareholders of ZCCM-IH are advised to exercise caution when dealing in securities of the Company until further information is published.

By Order of the Board

Chabby Chabala
Company Secretary

ZCCM Investments Holdings Plc (ZCCM.zm)

Share price: 37.98 Kwacha (0.00 | 0.00% – 10/08/22)

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