Panama agrees $26m payment to settle dispute with US miner
The ICSID tribunal ruled in 2020 that Panama was responsible for the "unlawful expropriation" of Dominon's mining investments.
Vedanta’s zinc unit said on Thursday it was still searching for an employee who was trapped underground following a rockfall last week at its Gamsberg zinc mine in South Africa.
“A team consisting of geotechnical and mining engineers, supported by third party experts have recommended the construction of an access ramp onto the top of the failed mass to enable safe access to the affected areas,” Vedanta Zinc International said.
The mine shutdown helped push prices for zinc, a metal used to galvanise steel, to an 18-month high last week.
The Gamsberg mine opened in early 2019. VZI is the majority owner with a 69.6% stake, while Exxaro Resources holds a 24.4% interest. The remaining 6% is held by the Employee Share Ownership Plan.
At full production capacity in phase 1, Gamsberg will produce 250 000 t/y of zinc in concentrate, according to Vedanta’s website.
(By Zandi Shabalala; Editing by Bernadette Baum)
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