Zambia's Lungu resolved to 'evict' Vedanta as hearing postponed
JOHANNESBURG – Zambia will press ahead with the legal process to liquidate Vedanta Resources' local copper unit, President Edgar Lungu said, as a ruling about the matter was postponed to June 11.
“We are resolved, we are determined to proceed with the liquidation process,” Lungu said Tuesday in comments broadcast online. “We are going to make sure Vedanta goes and a new investor comes in.”
State-owned ZCCM Investments Holdings won a provisional order to wind up Vedanta’s Konkola Copper Mines on May 21, three days after Lungu threatened the company with “divorce” for lying about expansion plans and cheating on taxes. Vedanta, owned by Indian billionaire Anil Agarwal, says it’s a “loyal investor” that’s spent more than $3-billion in the country since 2004.
A High Court in the capital, Lusaka, dealt with preliminary issues on Tuesday but has not yet heard Vedanta’s application to join the case, which will be key to fighting the liquidation. The court is expected to deliver a ruling on June 11, according to an emailed statement from Vedanta.
At the same time, Vedanta has started a dispute resolution process against ZCCM-IH, which it accuses of violating a shareholders’ agreement – the first step toward international arbitration between the two companies.
Comments
The
functionality
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