Zambia vs First Quantam: Zambian president directs that $1.4 bln case be settled out of court
885 views · Published 11 May 2017 · 0:51 · Indexed 20 September 2026
Channel: CGTN Africa · 2017 · News & Politics
Zambia's president Edgar Lungu has called for an out of court settlement with First Quantum Minerals, which is being sued for 1.4 billion dollars by a state-owned firm. First Quantum had asked a Zambian court in February to dismiss the suit from Zambia Consolidated Copper Mines Investment Holdings. The company is 77 percent state-owned and holds minority stakes in most of the country's copper mines. Presidential Spokesman Amos Chanda now says that the president has decided that the finance minister leads a government team to engage First Quantum for a speedy and amicable conclusion of the matter. Negotiations are expected to begin next week. Zambia is Africa's second-largest copper producer and differences with mining companies over taxes, electricity prices, environmental concerns and labour matters often arise. Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgY Follow us on: Facebook: https://www.facebook.com/cgtnafrica/ Twitter: https://twitter.com/cgtnafrica
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