Zambian court withdraws order blocking disposal of Vedanta unit assets
LUSAKA – A Zambian court on Friday withdrew an earlier order blocking a provisional liquidator at Vedanta's Konkola Copper Mines (KCM) business from disposing of KCM's assets or making arrangements with its creditors.
The about-turn from the Zambian High Court is the latest twist in a dispute between Vedanta and the Zambian government, which says KCM breached its operating licence.
Vedanta has denied that claim, and has said it will protect its assets in Zambia, a major African copper producer.
The case has intensified concerns among international miners about resource nationalism in Africa.
"It is hereby ordered that the ex-parte order to stay some of the powers of the provisional liquidator dated June 26, 2019, be and is hereby vacated forthwith," the Zambian High Court said in a ruling seen by Reuters.
The ruling did not give a reason for the withdrawal of the order.
State-owned Zambian radio reported that lawyers for Zambia's mining investment arm, which owns a minority stake in KCM, had argued in court that the earlier order was irregular.
Reuters has approached Vedanta for comment.
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