Investment holding company ZCCM has advised that it intends to appeal against the latest decision of the Zambian Court of Appeal and to stay the court’s judgment in a matter between ZCCM and diversified miner Vedanta Resources.
The High Court of Zambia ruled against Vedanta on August 7, 2019, following which Vedanta appealed to the Court of Appeal on August 13, 2019, against the decision of the High Court, which denied Vedanta their application to stay the liquidation proceedings and refer the matter to arbitration.
The Court of Appeal on November 20 last year ruled in favour of Vedanta and stayed the liquidation proceedings and referred the matter to arbitration, which ZCCM is now appealing.
ZCCM filed a petition in the High Court for the winding up of Konkola Copper Mines (KCM) on May 21, 2019, as well as for the appointment of a provisional liquidator.
The investment holder had accused Vedanta of failing to honour licence conditions, including promised investment, but Vedanta denied that KCM broke the terms of its licence.