Vedanta's Zambia court hearing adjourned for a week
LUSAKA – A court hearing following Zambia's decision to name a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM) business was adjourned for a week on Tuesday without tackling Vedanta's demands to be involved, the company said.
Vedanta Resources, part-owner of the Mumbai-listed Vedanta group of companies, is KCM's majority shareholder, while Zambian State mining company ZCCM-IH holds a roughly 20% stake.
In a statement, Vedanta said the judge had considered preliminary issues brought by ZCCM and reserved judgment until June 11.
The judge did not address Vedanta's request for it to be involved in the liquidation proceedings, which it says have so far been one-sided.
"Vedanta does not consider that there are just and equitable grounds to wind up KCM and will defend all attempts to do so," it said.
Zambia's decision to name a provisional liquidator to run Vedanta Resources' KCM business, one of the country's biggest employers, has unnerved international miners concerned about rising resource nationalism in Zambia and neighbouring countries.
The Zambian government says KCM has breached the terms of its licence.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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