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LUSAKA - ZCCM Investments Holdings Plc (ZCCM-IH) is contesting an arbitration claim filed by Trafigura Pte Limited related to a ZMW1,663 million (US$100 million) guarantee, according to a company statement issued Thursday.
The London Court of International Arbitration proceedings, initiated on February 24, 2024, stem from a guarantee signed by ZCCM-IH’s former CEO on July 28, 2021. The guarantee served as security for a prepayment agreement between Trafigura and Konkola Copper Mines Plc, in which ZCCM-IH holds shares.
Trafigura made a payment demand on November 21, 2023, under the terms of the guarantee before filing for arbitration. The proceedings are confidential between the parties.
"ZCCM-IH is contesting the claims robustly," the company stated in its announcement, which follows an earlier cautionary notice issued on March 31, 2025.
The mining investment company advised shareholders and investors to exercise caution when dealing in its securities until further information becomes available, noting the potentially price-sensitive nature of the dispute.
ZCCM-IH, incorporated in Zambia, is listed on the Lusaka Securities Exchange. The company statement indicated the matter remains undetermined, with updates to follow as the case progresses.
The announcement has been approved by the Lusaka Securities Exchange, the Securities and Exchange Commission of Zambia, and ZCCM-IH, according to the press release statement.
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