Global commodities trader Trafigura, which plans to redomicile a key holding company to Bermuda, has won a $92 million award from an arbitration tribunal over a dispute related to a copper mine.

The tribunal in London ordered Zambia's majority state-owned investment company, ZCCM Investments Holdings, to pay Trafigura the sum in a long-running dispute over a prepayment agreement between the commodity trader and Konkola Copper Mines.

The award comprises $69.3 million in principal and $19.7 million in interest, plus arbitration costs and Trafigura's legal fees, ZCCM said in a statement published on the Lusaka Securities Exchange.

ZCCM is evaluating its legal options regarding the final award, it said.

Trafigura initiated the case two years ago over a prepayment agreement with Konkola Copper Mines, which was operated at the time by ZCCM.

Trafigura told The Royal Gazette last month that Trafigura Beheer BV, a former parent company of the Trafigura Group, was considering a change of its legal domicile from the Netherlands to Bermuda.

The company added: “Bermuda was selected because it is an international business jurisdiction that has a stable political system and strong legal framework, providing businesses with predictability and security.”

Trafigura said TBBV would remain tax-resident in Singapore.