First Quantum faces $1.4bn claim from Zambian firm

ZCCM Investments Holdings, the state-controlled Zambian company that holds minority stakes in most of the country’s copper mines, plans to claim as much $1.4-billion from First Quantum Minerals . after  accusing the Vancouver-based company of fraud. The Canadian company’s stock fell. The claim includes $228 million in interest on $2.3-billion of loans that ZCCM-IH said First Quantum wrongly borrowed from the Kansanshi copper mine, as well as 20% of the principal amount, or $570 million, according to an internal company presentation, dated November 4, obtained by Bloomberg.