Zambia court dismisses First Quantum bid to stop $1.4bn lawsuit

ArticleMining sectorJanuary 29, 2018 - 4:08:26 AM

A $1.4 billion lawsuit against Canada's First Quantum Minerals in Zambia will go ahead, a Zambian court ruled after dismissing the company's bid to stop the case.

State-owned ZCCM-IH launched action in October 2016 to sue First Quantum for $1.4 billion over claims that the Canadian company borrowed $2.3 billion from its Zambian copper mining subsidiary Kansanshi Mining Plc without informing ZZCM-IH, a minority shareholder.

First Quantum asked the court in February last year to dismiss the lawsuit by ZCCM-IH, which holds minority stakes in most of the country's copper mines.

Source:mining.com

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