By GRACE CHAILE
J & M Advocates have withdrawn from representing Arc Minerals Plc, Kopara Investment Limited and Zamsort Limited in a matter where the three companies have been sued by Zambia Mineral Exchange Corporation for breach of contract.
The law firm in its letter dated November 19, 2021 addressed to Messrs Sukwana Mweemba and Partners, stated that it was no longer acting as advocates for the trio.
Arc Minerals, Kopara Investment Limited and Zamsort Limited are sued as first, second and third defendants respectively while Handa Resources Limited is the fourth defendant in the matter before the Lusaka High Court.
“J &M advocates we refer to your letter dated November 19, 2021. Kindly be advised that we are no longer acting for the first, second and third defendants in this matter. We shall serve you with an order to withdraw in due course. In this regard, any correspondence relating to this matter must be directed to Shamwana & Co,” read the letter.
In this matter, Zambia Mineral Exchange Corporation Limited seeks an order of specific performance in terms that Arc Minerals and Kopara execute, and deliver executed, the sale and purchase agreement to it in accordance with their agreement contained in the Heads of Agreement relating to Kalaba Mine.
It seeks an order for Handa Resources to transfer to Zamsort the mining tenement represented by small-scale mining licence no.8248-HO-SML and small-scale exploration licence no. 23243-HO-SEL or so much of the pieces of land held under the said licences.
It also wants an order of interim injunction to stay the waste, damage or alienation of the mining tenements represented by licence no. 8248-HO-SML and 23243-HO-SEL.
According to the amended statement of claim, Arc Minerals was the beneficial owner of 9, 900 fully paid ordinary shares in Zamsort and Handa Resources while Kopara held 4, 350 fully paid ordinary shares in Zamsort and Handa Resources.
By agreement Arc and Kopara promised to sell and Zambia Corporation promised to buy the said share at the agreed price of US$3 million payment of which was to be deferred and to commence at a certain time.
However, Kopara has denied to deliver the SPA for the plaintiff’s execution and, by implication, therefore failing to perform the agreement for sale and purchase of the shares recorded in the Heads of Agreement.