Zambia court suspends sale of assets of Vedanta subsidiary

SMM6, 28 March-Chief Justice Annes Banda-Bobo of the Lusaka High Court ordered on Wednesday to suspend liquidation proceedings, suspend the sale of KCM assets or reach any agreement with creditors, Vedanta High Court Chief Justice Annes Banda-Bobo ordered Vedanta subsidiary Konkola Copper Mines (KCM) to suspend liquidation proceedings, suspend the sale of KCM assets or reach any agreement with creditors, Vedanta (Vedanta Resources) said.

Last week, the court rejected Vedanta's request to participate in the liquidation proceedings.

After that, Vedanta said that urgent measures will be taken to protect its assets in Zambia, while opening up dialogue with the government, while reserving the right to seek international arbitration if necessary.

The company also believes that the Zambian government has no reasonable reason to liquidate Konkola (KCM), a subsidiary of Vedanta, and that the appointment of a temporary liquidator would increase the financial pressure on KCM and put the work of KCM employees at risk.

KCM is Zambia's largest copper miner, creating about 13000 jobs.

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