Zambian court dismisses First Quantum’s bid to stop billion-dollar lawsuit
Lusaka — A $1.4bn 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 $1.4bn over claims that the Canadian company borrowed $2.3bn from its Zambian copper mining subsidiary Kansanshi Mining without informing ZCCM-IH, a minority shareholder. First Quantum asked the court in February 2017 to dismiss the lawsuit by ZCCM-IH, which holds minority stakes in most of the country’s copper mines. First Quantum argued, among other things, in court papers that ZCCM-IH had taken the action without the approval of the ZCCM-IH board, which was dissolved when proceedings began. However, high court judge Winnie Mwenda said in a ruling on Friday that the case would go ahead. "The issues raised by the parties in their respective affidavits are, in my view, so contentious that disallowing them to go to trial would not serve justice ...
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