Zambian holding company launches action involving First Quantum

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

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