KCM winding up matter to be heard in Lusaka High Court on Aug 27
The Lusaka High Court has denied Vedanta Resources’ application for a stay of winding up proceedings against its subsidiary Konkola Copper Mines (KCM).
Vedanta said on Wednesday that it would review the ruling and then decide on its next steps.
Judge Banda-Bobo set August 27 down as the hearing date for the winding-up petition brought by ZCCM-IH – preliminary arguments will be heard on August 13.
Vedanta Resources last week notified its Zambian joint venture partner ZCCM-IH that it had launched arbitration proceedings related to an attempt by the Zambian government to liquidate KCM.
Mumbai-listed Vedanta has been locked in a dispute with the Zambian government since May, when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM-IH, Zambia's State mining company, and 80% owned by Vedanta.
Zambia accused KCM of breaching the terms of its licence.
Vedanta denies that KCM has broken the terms of its licence and says it will defend its assets in the Southern African country.
Vedanta said the notice demands that arbitration should be in accordance with the United Nations Commission on International Trade Law arbitration rules.
In July, South Africa's High Court ordered the Zambian government to halt the sale of KCM until a final decision is made through arbitration, but Zambia's mines minister said the country would appeal the ruling and press on with the wind-up.
The dispute in Africa's second-largest copper producer has intensified concerns among international miners about resource nationalism in Africa.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
