LUSAKA (Reuters) – 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