Government has announced that pursuant to the call option deed between Vedanta Resources PLC and Zambia Copper Investments, Vedanta has exercised its option to acquire a further 28.4% shares held by Zambia Copper Investments in KCM.
This option will bring the shareholding of Vedanta in KCM to 79.42 %.
This is contained in a statement availed to ZANIS in Lusaka today and signed by Commerce, Trade and Industry minister FElix Mutati.
Mr Mutati said call option deed is binding between Vedanta Resources PLC and Zambia Copper Investments and is not subject to any further approvals or consent of government.
He said, to this effect, an agreement has been reached in principle for Vedanta to offer part of its shareholding in KCM to the Zambian public, cognisant of the need for greater participation of Zambians in corporations operating in the country.
Mr Mutati explained that following Vedanta’s exercise of its option to acquire the 28.4 percent shares held by Zambia Copper Investments in KCM, the Zambian government is now in the process of constituting a negotiating team which will soon be meeting with a team from Vedanta.
The minister said government is desirous of of ensuring that it maximises the possible benefits to arise out of the transaction and therefore, expects that the negotiations will result in the best possible resolution to safeguard the public interest in KCM.