Zambia To Appeal Court Ruling Backing Vedanta In KCM Mine Dispute

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    Zambia To Appeal Court Judgment Support Vedanta In KCM Mine Dispute

    Zambia To Appeal Court Ruling Backing Vedanta In KCM Mine Dispute

    Zambia’s state mining arm ZCCMIH plans to appeal a court ruling in favour of Vedanta, which has looked for arbitration in a dispute over its jointly owned copper mine that is facing liquidation, the mining minister stated.

    • Reuters
    • Last Updated: November 26, 2020, 19: 36 IST
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    LUSAKA: Zambia’s state mining arm ZCCM-IH prepares to appeal a court judgment in favour of Vedanta, which has sought arbitration in a dispute over its jointly owned copper mine that is dealing with liquidation, the mining minister said.

    India-based Vedanta has been secured a lengthy disagreement with the Zambian federal government since Might 2019, when Lusaka selected a liquidator for the mine.

    ” ZCCM-IH has already shown that they are appealing due to the fact that they are not happy with the court judgment,” Mining Minister Richard Musukwa told parliament on Thursday.

    Last week, a Zambian court purchased a halt to liquidation procedures for Konkola Copper Mines (KCM) to enable Vedanta and ZCCM-IH, which owns 20% of the operation, to proceed to arbitration.

    Prospective buyers of KCM were waiting for a resolution to the conflict, Musukwa said, adding that steps taken by the government needs to not be “considered as nationalism”.

    ” It is still the government’s desire to discover a brand-new equity financier with technical and monetary capability to recapitalise the mine and run it effectively,” he said.

    Vedanta was not immediately readily available for comment.

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