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Alba Iulia
Wednesday, February 19, 2020

Standoff between Vedanta, Zambia continues over KCM

Economy Standoff between Vedanta, Zambia continues over KCM

Vedanta Vedanta Resources Limited says it will this year continue to pursue their rights in respect of the Konkola Copper Mines in which the company holds a 79.4% interest.

The Lusaka High Court in November granted a court order that restricts the sale of the Mimbula mining right by the KCM provincial liquidator.

This order remains valid.

Vedanta on Monday said it appeared that the liquidator was seeking to dispose of further KCM assets, to which Vedanta would seek the required court action in each instance.

ZCCM-IH’s winding-up petition continues to be stayed, pending the hearing of appeals by both Vedanta and ZCCM-IH.

Meanwhile, an arbitration process around KCM is ongoing.

Vedanta contends that ZCCM-IH is in breach of a shareholders agreement since May 21 last year, since ZCCM-IH sought an ex parte order from the Lusaka High Court to appoint a provincial liquidator for KCM to begin wind-up proceedings.

The South African High Court then granted Vedanta an application for an injunction in support of an arbitration agreement – as envisaged in a shareholder’s agreement between the parties – and ordered that the KCM winding up be withdrawn.

Vedanta stated that neither ZCCM-IV nor the provincial liquidator had yet complied with that injunction.

The Zambian government previously said it had appointed a liquidator to run KCM, claiming that KCM had breached the terms of its licence.

Vedanta remains committed to seeking resolution through dialogue and constructive engagement with the Zambian government and ZCCM-IH, it stated.

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9 COMMENTS

  1. Today it is Vedanta tomorrow it is BARCLAYS! Government should be extremely CAREFUL with transactions involving the multi-nationals/ foreign investors. I just read a post today in Zambiawatchdog involving the SECRET and controversial transactions involving Barclays bank. The deal is what will result into the take over of Barclays by ABSA.

  2. Another ZAMTEL saga full of corruption.
    The PF has put the nation is serious debt problems.It appears they want to exchange the debt they owe China with equity in the KCM Mine.
    I’m 110% certain,the PF want to give the mine to a Chinese firm.

  3. So all id10ts that were engaged in the privatization of our mines never put up strong enough securities in case the infestors faltered; no proper exit strategy or terms or policies were spelled out properly.
    Let’s not have these infestors again. Never commit any of our precious ore understand to these wolves.
    79.4% share holding portfolio makes the mine his. The remaining 20.6%. dosen’t grant a reasonable voice.
    Was it because of money that you settled for less in terms of shares.
    We should have taken a bit at more than fifty percent.
    Then you turn and beg to rule over us. GOD FORBID

  4.  “The greatest discovery of all time is that a person can change his future by merely changing his attitude.” – Oprah Winfrey.

    Everything was going right with Vedanta until they saw loop holes that they exploited selfishly and started; they changed their future by mocking Zambians. I can definitely not trust an investor.
    Dear ZCCM IH from 100% to shares less than 21%?

  5. The government should take an interest in the happenings at Barclays. Certainly the bank can’t just woke up and claim that they are changing their name to Standard Chartered, Stanbic, FNB, ABSA or whatever bank. There seems to be something fishy here.

  6. Every Zambian should be against Vedanta. Whether you like the ruling party or opposition. On this all should show patriotism and fix this mistake the great Mwanawasa made. There is no room to late these filthy exploiters keep our God given resources. We need investors that will have an above 30% employment ratio in management being Zambia. Not all Indian. Only delusional Zambians wont see why this is important.

  7. It’s unfortunately that Zambia’ s mineral wealth continues to be stolen by the hooligans at the expense of many poor Zambians. Botswana has just diamond but look at how the lives of ordinary Botswana has been improved. Can’t Zambia do the same with so much natural resources.

  8. The chief editor starts with the term stand-off in courts and then tells us arbitration is on going and there is an appointment of “provincial liquidator”.Ba chief editor does not tell us the source of information,is it an editorial opinion.Such issues need clarity before posting

Comments are closed.

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