Vedanta granted stay on sale of KCM assets
Diversified miner Vedanta Resources says Lusaka High Court presiding judge Justice Annes Banda-Bobo on Wednesday granted it an order to stay the powers of the Konkola Copper Mines (KCM) provisional liquidator to sell or dispose of KCM’s assets through public tender, or to make any arrangements with creditors.
This relates to court proceedings launched by the State to have KCM, in which Vedanta holds an 80% interest and State-owned ZCCM-IH 20%, wound up.
As previously reported by Mining Weekly Online, Vedanta Resources said it would take urgent steps to protect its Zambian assets and pursue international arbitration, if necessary, after a Lusaka court last week rejected its request to be included in liquidation proceedings.
At that point, the judge ruled that Vedanta could not participate in the proceedings to wind up its KCM business in Zambia, but granted Vedanta leave to appeal the ruling, which Vedanta said it would consider.
Vedanta last week said there was “no just or equitable grounds to wind up KCM” and said it believed the appointment of a provisional liquidator had added to the financial pressure on KCM, as well as putting jobs at risk.
The statement added that Vedanta would challenge any attempts to sell its KCM business to a new owner.
Vedanta noted, at the time, that it remained open to engaging with the government, but also resolved the right to seek international arbitration.
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